Press Release
VANCOUVER, British Columbia, – Flying Nickel Mining Corp. (TSX-V: FLYN; OTCQB: FLYNF) (“Flying Nickel” or the “Company”) announces that, further to its news release dated August 30, 2024, it has closed the first tranche of its non-brokered private placement offering (the “Private Placement”) raising gross proceeds of $120,000 through the issuance of 2,400,000 units (the “Units”) at a price of $0.05 per Unit.
Each Unit consists of one common share of the Company (“Share”) and one share purchase warrant with each warrant (the “Warrant”) entitling the holder to purchase one additional Share at a price of $0.06 per Share for a period of three years from issuance.
The securities issued in connection with the Private Placement will be subject to a regulatory hold period and cannot be traded until January 25, 2025.
Proceeds of the Private Placement are expected to be used for general working capital and administrative purposes.
The Company paid a finder’s fee to Ventum Financial Corp. in connection with a portion of the Private Placement by way of issuance of 7,000 Units.
John Lee, CEO and a Director of the Company, subscribed for 1,800,000 Units for gross proceeds of $90,000. The issuance of Units to Mr. Lee pursuant to the Private Placement is considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relies on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the Private Placement by insiders will not exceed 25% of the fair market value of the Company’s market capitalization. The Company will file a material change report in respect of the related party transactions in connection with the Private Placement.
About Flying Nickel Mining Corp.
Flying Nickel is an exploration-stage mining company focused on vanadium and nickel resources. The Company owns a 100% interest in the Gibellini vanadium project in Nevada, United States and a 100% interest in the Minago nickel project in the Thompson nickel belt in Manitoba, Canada.
Further information on Flying Nickel can be found at www.flynickel.com.
FLYING NICKEL MINING CORP.
ON BEHALF OF THE BOARD
John Lee
Chief Executive Officer
For more information about Flying Nickel, please contact:
Suite 1610 – 409 Granville Street
Vancouver, BC V6C 1T2
Phone: 1.877.664.2535 / 1.877.6NICKEL
Email: info@flynickel.com
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