Power Metallic charged up with upsized placement
Power Metallic Mines (TSX-V:PNPN) has upsized its private placement to raise C$30 million ($30.29 million) to fund the advancement of its Nisk Nickel-Copper Sulphide Project in Québec and its Jabal Baudan exploration licence in Saudi Arabia.
As reported by Mining.com.au, Power Metallic launched its brokered LIFE (listed issuer financing exemption) offering last week to raise up to C$25 million.
The company says the increase in the offering reflects “strong investor demand”.
Power Metallic will sell up to 24 million shares at C$1.25 each under the placement, with Red Cloud Securities acting as the lead agent and sole bookrunner on behalf of a syndicate of agents.
The agents involved in this deal will be granted an option to sell up to an additional 2.4 million shares at the same offer price to raise an additional C$3 million.
These additional agent shares are exercisable in full or in part up to 48 hours before the closing of the placement.
The offer is expected to close on or around 10 June 2026, or another date agreed upon by Power Metallic and Red Cloud.
Power Metallic is a Canadian exploration company focused on advancing the Nisk Project toward becoming Canada’s next polymetallic mine.
Write to Maddison Elliott at Mining.com.au
Images: Power Metallic Mines
