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North American Nickel to raise funds

Keywords: Tags  North American Nickel, private placement, capital raising, share offering, Sentient Executive GP IV, VMS Ventures, nickel, Daniel Fitzgerald

NEW YORK — North American Nickel Inc. hopes to raise Canadian $7.5 million ($7.3 million) with a non-brokered private placement of more than 44 million common shares.

The Vancouver, British Columbia-based company said that net proceeds of the financing will be used to fund its mineral exploration programs and to provide additional working capital.

Existing stakeholders VMS Ventures Inc. of North Vancouver, British Columbia, and Sentient Executive GP IV Ltd. of George Town, Cayman Islands, intend to subscribe for 11.8 million and 16.6 million units respectively, the company said.

North American Nickel is currently developing a nickel-copper-cobalt-PGM project in southwest Greenland and owns properties in Sudbury, Ontario, and Thompson, Manitoba.

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