Member Posts > Power Metallic Mines (formerly Power Nickel Inc.) Raises C$50 Million to Accelerate Nickel Exploration and Battery Metal Supply
Power Metallic Mines Inc. has closed a C$50 million private placement, securing capital to expand exploration efforts at the Nisk Nickel Project and meet the rising demand for critical minerals in clean energy applications.
Expansion of Drilling and Resource Development
Power Metallic has three active drill rigs operating at key target zones:
• Lion Zone: Expanding high-grade nickel sulfide resource estimates.
• Tiger Zone: Drilling 700 meters east to confirm mineral continuity.
• Western Lion Zone: Testing additional mineralization potential.
Financial Structure and Use of Proceeds
• Flow-Through Shares: C$40M allocated for exploration.
• Hard Dollar Shares: C$10M allocated for corporate and general operations.
• Placement Agents: BMO Capital Markets and Hannam & Partners, earning a C$2.5M commission.
Tax Advantages and Compliance Commitments
• Investors receive federal tax credits and an additional 20% Québec tax deduction.
• Expenditures will be renounced to investors by December 31, 2025.
• Pending TSX Venture Exchange approval.
• Securities subject to a hold period until June 28, 2025.
This investment solidifies Power Metallic's ability to expand its nickel production and contribute to sustainable battery metal supply chains.

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