Member Posts > Power Metallic (formerly Power Nickel Inc.) Raises C$50 Million to Strengthen Nickel Supply for EV Industry
Power Metallic Mines Inc. has successfully secured C$50 million in funding, positioning the company as a major player in the critical minerals sector. The financing will accelerate drilling at the Nisk Project, ensuring long-term nickel production to support the EV and battery industry.
Expanding the Nisk Project with Three Drill Rigs
• Lion Zone: Targeting high-grade nickel mineralization.
• Tiger Zone: Drilling 700 meters east to assess new mineral potential.
• Western Lion Zone: Testing unexplored mineralized areas.
Private Placement Details
• Flow-Through Shares: C$40M raised at C$2.83/share.
• Hard Dollar Shares: C$10M raised at C$1.45/share.
• Underwriting commission: C$2,499,990.
Tax Advantages and Compliance
• Eligible for Canadian and Québec tax credits.
• Securities under a statutory hold period until June 28, 2025.
• Final TSX Venture Exchange approval pending.
With this funding, Power Metallic is solidifying its role as a key nickel supplier for North America's clean energy transition.
For more information, visit: Power Metallic Press Release
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