News Release - May 30th, 2013
Nickel North closes $5 Million Financing,
and appoints Executive Director
For Immediate Release
May 30th, 2013
Nickel North Exploration Corp. (NNX - TSX-Venture Exchange) (the “Company” or “Nickel North”) is pleased to announce that it has completed the non-brokered private placement announced in news releases dated March 7th, 2013 and May 2nd, 2013. As a result Nickel North issued 16,666,667 common shares of the Company, issued on a flow-through basis, at a purchase price of $0.30 per share for gross proceeds of $5,000,000.10 in cash.
Nickel North has paid finder’s fees of $46,875 and issued 250,000 non-transferable common share purchase warrants (each a “Finder’s Warrant”) with each Finder’s Warrant entitling the holder to purchase one common share of the Company at an exercise price of $0.35 per share for a period of two years.
All of the above securities are subject to a hold period expiring on September 30, 2013.
Funds from the private placement will be used solely for exploration purposes on the Hawk Ridge Ni-Cu Project located in northern Quebec.
Nickel North also wishes to announce that Gege (Anna) Mao has been appointed as an officer of the Company in the role of Executive Director. Her responsibilities are expected to include investor relations, financing related activities and general administration. Additionally the Company has accepted Min Kuang’s resignation as Corporate Secretary and has appointed Cathy Wang the Company’s CFO to fill the position. Min Kuang will remain as a director of the Company.
On behalf of Nickel North Exploration Corp.
Phillip Mudry P Geol. President and CEO
For more information, please visit www.NickelNorth.com , or contact Corporate at 604-609-6182 and/or email: [email protected]
Disclaimer for Forward-Looking Statements
All statements, other than statements of historical fact, included herein are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements in this news release include a statement about Ms. Mao’s new responsibilities as Executive Director. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from the Company’s expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.