North American Nickel Announces Private Placement

North American Nickel (TSXV:NAN) has announced that it has entered into an agreement to complete a non-brokered private placement of 67,331,093 units at a price of $0.075 per share for aggregate proceeds of $5,049,831.98.
As quoted in the press release:

Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one common share of the Company at any time prior to 5:00 p.m. (Toronto time) on the date that is, subject to acceleration in certain circumstances, twenty-four (24) months following its issuance date, at a price of $0.12.
Sentient, which is an insider and a related party of the Company, currently beneficially owns, or exercises control or direction over, 155,812,062 common shares (or, approximately 51.7% of the issued and outstanding common shares) of the Company and 36,544,198 common share purchase warrants.
Due to the fact that Sentient is an insider and a related party, its subscription is considered a “related party transaction” as set out in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company intends to rely on the exemption from the valuation requirements of MI 61-101 contained in section 5.5(b) as its common shares are listed on the TSX Venture Exchange (“TSXV”) and not one of the specific markets listed therein. However, the Placement will be subject to minority shareholder approval (within the meaning of MI 61-101) and as such the Company will be seeking such approval as at a special meeting of shareholders in accordance with TSXV policies and MI 61-101. The Placement has been approved by the Company’s board of directors.
The Units (and securities underlying the Units) issued under the Placement will be subject to a four-month hold period from the date of closing. The closing of the Placement is subject to, among other things, minority shareholder approval and approval of the TSXV. The proceeds from the Placement will be used for exploration, project development and general working capital purposes.

Click here to read the full press release.