NEW YORK North American Nickel Inc. has raised slightly less than Canadian $2.6 million ($2.48 million) through a non-brokered private placement of shares, short of the C$7.5 million ($7.17 million) it had hoped to raise.
The North Vancouver, British Columbia-based company announced the private placement in April (amm.com, April 17).
Existing shareholders Sentient Group, George Town, Cayman Islands, and VMS Ventures Inc., North Vancouver, each subscribed to shares in the offering. This gives Sentient a 29.9-percent stake in the miner, and VMS 27.5 percent.
The proceeds of this financing will be used to fund North American Nickels 2013 exploration and drill program for its Maniitsoq nickel-copper-cobalt-platinum group metal project in southwest Greenland and general working capital purposes, the company said.