Explorer Premium Nickel has announced a C$20-milion equity and debt financing package, which will provide the company with sufficient funds to meet its business objectives and liquidity requirements for another year.
The package comprises a “best efforts” private placement offering of 11 765 000 shares at C$1.20 a share for C$14.1-million, as well as an amended term loan with Cymbria to increase the principal amount from C$15-million to C$20.88-million, resulting in an additional C$5-million.
Premium Nickel, which is listed on the TSX-V, will use the proceeds of the offering and the amended term loan to advance the exploration and development of its mineral assets in Botswana, and for general corporate and working capital purposes.