
17 Nov 2020 Class 1 Completes Non-Brokered Financing
Toronto, Ontario (November 16, 2020) – 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.