Financings

Class 1 Nickel > Company News > Financings

Class 1 Completes Non-Brokered Financing

TORONTO, Nov. 16, 2020 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Limited. (CSE: NICO) (“Class 1” or the “Company“) is pleased to announce the closing of its non-brokered private placement on Friday November 13 of: (i) flow-through units (“FT Units”) at an issue price of $0.80 per FT Unit; and (ii) hard dollar units (“HD Units”) at an issue price of $0.70 per HD Unit (collectively, the “Offering”). Under the Offering, Class 1 issued 2,318,750 FT Units for aggregate proceeds of $1,855,000 and 1,766,302 HD Units for aggregate proceeds of $1,236,412, for combined gross aggregate proceeds of $3,091,412.

In the second and final tranche of the Offering, the Company raised $1,888,500 through the issuance of 2,318,750 FT Units and 47,857 HD Units. Each FT Unit consists of one (1) common share of the Company (“Common Share”) and one-half of one Common Share purchase warrant (“FT Warrant”), with each whole FT Warrant entitling the holder thereof to purchase one Common Share at an exercise price of $1.05 for a period of 36 months from the date of issuance. Each HD Unit consists of one (1) Common Share and one (1) Common Share purchase warrant (“HD Warrant”), with each whole HD Warrant entitling the holder thereof to purchase one (1) Common Share at an exercise price of $1.00 for a period of 36 months from the date of issuance.

All securities will be subject to a four-month hold period from the closing date. Under the Offering, the Company paid a total of $170,712.98 in cash commissions and issued 220,376 Common Share purchase warrants (“Finders’ Warrants”) to certain finders. Each Finders’ Warrant is exercisable at $1.00 per Common Share for a period of 36 months from the date hereof.

Proceeds of the Offering will be used to complete the Phase 1 work program for the Company’s Alexo-Dundonald Project. to satisfy expenditure requirements related to the option agreement with Vanicom Resources Inc. and Quebec Precious Metals Corporation for the Somanike Property located in the Abitibi region of Quebec, and for general working capital purposes and to fund potential future acquisitions.

Correction: In a news release dated November 4, 2020, it was incorrectly reported that Mr. David Fitch, a director of Class 1 beneficially own and controls 34,071,330 common shares of the Company. The correct number of shares beneficially owned and controlled by Mr. Fitch is 39,671,330.

Appointment of Director

Class 1 is pleased to announce the appointment of Mr. Taylor Dignan to the Company’s Board of Directors. Mr. Dignan is a corporate securities lawyer specializing in corporate finance and mergers and acquisitions. Mr. Dignan’s expertise will assist the Company in implementing corporate governance initiatives. Mr. Dignan obtained his Juris Doctor (J.D.) from the University of Victoria and his Bachelor of Social Sciences (Honours) from the University of Ottawa. Mr. Dignan is a licensed barrister and solicitor in the Province of Ontario.

Class 1 Nickel and Technologies Limited (CSE: NICO) is a mineral resource company focused on  the development of its 100% owned Alexo-Dundonald Project, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide resources located near Timmins, Ontario, as well as developing and exercising the option over  the Somanike komatiite hosted nickel copper project in Quebec, which includes the famous Marbridge Mine.

For more information, please contact:

Benjamin Cooper, President
T: 416.454.0166
E: info@class1nickel.com

For additional information please visit our new website at www.class1nickel.com and our Twitter feed:@Class1Nickel.

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

Class 1 Announces First Tranche Closing and Corporate Update

TORONTO, Nov. 04, 2020 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO) (“Class 1” or the “Company“) is pleased to announce the closing of the first tranche of its non-brokered private placement of: (i) flow-through units at an issue price of $0.80 per unit; and (ii) hard dollar units at an issue price of $0.70 per unit (collectively, the “Offering”).

The Company raised $1,202,912 of hard dollar units in this tranche and anticipates closing on approximately $1,800,000 of flow-through units on the second tranche which is expected to close on November 11, 2020. Each flow-through unit will consist of one common share and one-half of one full common share purchase warrant exercisable for 36 months from the closing date with an exercise price of $1.05. Each hard dollar unit will consist of one common share and one full common share purchase warrant exercisable for 36 months from the closing date with an exercise price of $1.00.

David Fitch, a director of the Company, through DLFCMS Nominees Pty Ltd., a corporation which is beneficially owned by him, acquired 400,000 units for a purchase price of $280,000 pursuant to the Offering. Prior to the Offering, Mr. Fitch beneficially owned 33,671,330 common shares in the Company. As a result of the Offering, Mr. Fitch beneficially owns and controls 34,071,330 common shares of the Company representing approximately 33.65% of the issued and outstanding common shares on a non-diluted basis. Mr. Fitch has a long-term view of the investment and may acquire additional securities of the Company including on the open market or through private acquisitions or sell securities of the Company including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

As a director of the Company, Mr. Fitch is considered a related person within the meaning of the Canadian Securities Exchange Policy 1 and his acquisition will be considered to be a related party transaction within the meaning of Multilateral Instrument 61-101 (“MI 61-101”). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a), 5.5(b) and 5.7(1)(a).

All securities will be subject to a four-month hold period from the closing date and insiders may be participating for up to 25% of the total issue in the private placement. On this closing, the Company paid a total of $19,632.98 in compensation to certain finders along with along with the issuance of 31,047 finder’s warrants entitling the holders to 1 common share for each warrant for a period of 36 months form the date hereof at an exercise price of $1.00.

The Company is also please to announce the appointment of Omar Gonzalez as the new CFO of the Company. The Company also wishes to thank Mr. Siddiqui who has resigned as a director of the Company.

Proceeds of the Offering will be used to complete the Phase 1 work program for the Company’s Alexo-Dundonald Project and thereby satisfy all expenditure requirements on the Project, to satisfy drilling commitments under the Company’s option agreement with Quebec Precious Metals Corporation for the Somanike Property located in the Abitibi region of Quebec, for general working capital purposes and to fund potential future acquisitions.

Class 1 Nickel and Technologies Limited (CSE: NICO) is a mineral resource company focused on the development of its 100% owned Alexo-Dundonald Project, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide resources located near Timmins, Ontario, as well as developing and exercising the option over the Somanike komatiite hosted nickel copper project in Quebec, which includes the famous Marbridge Mine.

For more information, please contact:

Benjamin Cooper, President
T: 416.454.0166
E: info@class1nickel.com 

For additional information please visit our new website at www.class1nickel.com and our Twitter feed:@Class1Nickel.

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

Class 1 Announces a $3 Million Financing

TORONTO, Oct. 22, 2020 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO) (“Class 1” or the “Company“) is pleased to announce a non-brokered private placement of: (i) flow-through units at an issue price of $0.80 per unit; and (ii) hard dollar units at an issue price of $0.70 per unit (collectively, the “Offering”). The Company expects to raise gross proceeds of up to $3,000,000 from the sale of flow-through units, hard dollar units, or any combination thereof. Each flow-through unit will consist of one common share and one-half of one full common share purchase warrant exercisable for 36 months from the closing date with an exercise price of $1.05. Each hard dollar unit will consist of one common share and one full common share purchase warrant exercisable for 36 months from the closing date with an exercise price of $1.00.

All securities will be subject to a four-month hold period from the closing date and insiders may be participating for up to 25% of the total issue in the private placement. A finder’s fee shall be payable to eligible finders in respect of the Offering.

Proceeds of the Offering will be used to complete the Phase 1 work program for the Company’s Alexo-Dundonald Project and thereby satisfy all expenditure requirements on the Project, to satisfy drilling commitments under the Company’s option agreement with Quebec Precious Metals Corporation for the Somanike Property located in the Abitibi region of Quebec, for general working capital purposes and to fund potential future acquisitions.

The Offering is anticipated to close on or about October 30, 2020 and may close in tranches before or after such date.

Class 1 Nickel and Technologies Limited (CSE: NICO) is a mineral resource company focused on  the development of its 100% owned Alexo-Dundonald Project, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide resources located near Timmins, Ontario, as well as developing and exercising the option over  the Somanike komatiite hosted nickel copper project in Quebec, which includes the famous Marbridge Mine.

For more information, please contact:

Benjamin Cooper, President
T: 416.454.0166
E: info@class1nickel.com

For additional information please visit our new website at www.class1nickel.com and our Twitter feed:@Class1Nickel.

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

Class 1 Nickel Announces Closing of Private Placement

TORONTO, April 23, 2020 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Limited (“Class 1 Nickel” or the “Company”) is pleased to announce the closing of a non-brokered private placement of 9,500,000 common shares of the Company (the “Shares”), completed at $0.10 per Share for proceeds of $950,000 (the “Offering”). 

The proceeds of the Financing will be used for general purposes and the advancement of the Company’s Alexo-Dundonald Project located near Timmins, Ontario.

David Fitch, a director of the Company, participated in the Offering for a total of $600,000 (6,000,000 Shares) (the “Insider Subscription”). The Insider Subscription is deemed to be a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is exempt from the formal valuation and minority approval requirements for related party transactions pursuant to Subsection 5.5(a) and Subsection 5.7(a) of MI 61-101, respectively.

The Shares issued under the Offering are subject to statutory hold period of four (4) months and a day from the date of issuance, in accordance with applicable securities legislation.

Early Warning Report 

Immediately prior to the closing of the Financing, Mr. David Fitch held directly and indirectly 33,671,330 Shares or approximately 37.4% of the then 90,029,209 issued and outstanding Shares. Following the closing of the Offering, Mr. Fitch holds 39,671,330 Shares or approximately 39.8% of the total number of issued and outstanding Shares, representing an increase in Mr. Fitch’s ownership of the Company by 2.4%. The Shares were acquired by Mr. Fitch for investment purposes, and depending on market and other conditions, Mr. Fitch may from time to time in the future increase or decrease ownership, control or direction over securities of the Company, through market transactions, private agreements, or otherwise. For the purposes of this notice, the address of Mr. Fitch is Unit 3901 Crown Towers, 5 Palm Avenue, Surfers Paradise, QLD 4217, Australia.

In satisfaction of the requirements of the National Instrument 62-104 – Take-Over Bids And Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, Early Warning reports respecting the acquisition of Shares by Mr. David Fitch will be filed under the Company’s SEDAR Profile at www.sedar.com.

About Class 1 Nickel: 

Class 1 Nickel and Technologies Limited is a mineral resource company seeking to build base metal portfolio through the acquisition, discovery, exploration, development and operation of high quality deposits. The Company is focused on the exploration and future development of its 100% owned Alexo-Dundonald Project, an advanced exploration stage and past-producing nickel-copper-cobalt sulphide project located near Timmins, Ontario.

For Further Information Please Contact:

Benjamin Cooper
President and Chief Executive Officer 
Class 1 Nickel and Technologies Limited
Email: bcooper@class1nickel.com

Caution Regarding Forward-Looking Statements 

This press release contains certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward looking information includes, but is not limited to, the potential of the Alexo-Dundonald Project, strategic plans, including future exploration and development results, and corporate and technical objectives. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Factors that could affect the outcome include, among others: future prices and the supply of metals, the future demand for metals, the results of drilling, inability to raise the money necessary to incur the expenditures required to retain and advance the property, environmental liabilities (known and unknown), general business, economic, competitive, political and social uncertainties, results of exploration programs, risks of the mining industry, delays in obtaining governmental approvals, and failure to obtain regulatory or shareholder approvals. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Class 1 Nickel disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Class 1 Announces Flow-Through Closing

TORONTO, Dec. 17, 2020 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO) (“Class 1” or the “Company“) is pleased to announce the closing of its non-brokered private placement of flow-through shares at an issue price of $1.10 per share (the “Offering”) which closed on December 16, 2020.

The Company raised a total of $1,499,999.60 from the sale of 1,363,636 flow-through shares in the Offering.

All securities will be subject to a four-month hold period from the closing date. On this closing, the Company paid a total of $119,999.97 in compensation to certain finders.

Proceeds of the Offering will be used to satisfy drilling commitments under the Company’s option agreement with Quebec Precious Metals Corporation for the Somanike Property located in the Abitibi region of Quebec.

Class 1 Nickel and Technologies Limited (CSE: NICO) is a mineral resource company focused on the development of its 100% owned Alexo-Dundonald Project, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide resources located near Timmins, Ontario, as well as developing and exercising the option over the Somanike komatiite hosted nickel copper project in Quebec, which includes the famous Marbridge Mine.

For more information, please contact:

Benjamin Cooper, President
T: 416.454.0166
E: info@class1nickel.com 

For additional information please visit our new website at www.class1nickel.com and our Twitter feed:@Class1Nickel.

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.