Fort Capital Partners is pleased to announce that Premium Nickel Resources Ltd. (TSXV: PNRL) (“PNRL”) has completed an equity and debt financing package of $21.6M comprised of:

  • Brokered Private Placement: private placement offering of 13,133,367 Common Shares at a price of $1.20 per share for gross proceeds of $15,760,040; and
  • Amended Term Loan: $5,882,353 loan pursuant to an amendment to the terms of the Company’s existing term loan with Cymbria to increase the principal amount of the loan from $15,000,000 to $20,882,353

The Company intends to use the net funds from the Offering, along with the net proceeds of the Amended Term Loan (collectively, the “Available Funds”) for (i) development, exploration, care and maintenance of the Selebi and Selkirk properties, and (ii) for general corporate and working capital purposes. More particularly, the Company intends to use the Available Funds to complete its current underground drilling program at Selebi North prior to the end of Q1 2024 and to complete a mineral resource estimate for Selebi North in accordance with the requirements of NI 43-101 (the “Selebi North MRE”). The Company anticipates that the Selebi North MRE will be completed in the second quarter of 2024.

Fort Capital Partners acted as financial advisor to Premium Nickel with respect to the debt financing and as placement agent on the private placement.