Member Posts > Power Metallic Mines (formerly Power Nickel Inc.) Raises C$50 Million to Fast-Track Nisk Project Exploration
Power Metallic Mines Inc. (formerly Power Nickel Inc.) has successfully closed a C$50 million private placement, reinforcing its ability to accelerate exploration at the Nisk Project in Quebec. This funding will allow the company to expand drilling operations, resource estimation, and strategic project development, positioning Nisk as a key asset in the North American battery metals supply chain.
Enhanced Drilling Strategy to Define New Nickel Resources
With three active drill rigs, Power Metallic is now focusing on:
• Lion Zone: Ongoing drilling to refine resource estimates and assess expansion potential.
• Tiger Zone: A second rig is testing continuity 700 meters east of the Lion Zone.
• Western Flank of Lion Zone: A newly deployed third rig is assessing additional mineralized targets.
These efforts align with Power Metallic's broader strategy of developing a high-grade nickel sulfide deposit, essential for the clean energy transition.
Breakdown of the Private Placement
The financing was structured into two segments:
1. Flow-Through Shares (FT Shares) - Dedicated to Exploration
o Shares Issued: 14,135,000
o Price per Share: C$2.83
o Gross Proceeds: C$40,002,050
2. Hard Dollar Shares (HD Shares) - Allocated for General Corporate Purposes
o Shares Issued: 6,895,000
o Price per Share: C$1.45
o Gross Proceeds: C$9,997,750
Investor Incentives and Compliance
• Tax credits apply to flow-through expenditures under Canadian tax laws.
• Québec-based investors receive an additional 20% tax deduction.
• The company will renounce tax benefits to investors by December 31, 2025.
• Hold period for securities extends until June 28, 2025, pending TSX Venture Exchange approval.
This funding positions Power Metallic as a key player in the critical minerals sector, ensuring a sustainable and secure nickel supply.

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