North American Nickel
Maniitsoq 2014 Exploration Program Update
Drill Equipment in Nuuk; Team arrives June 13th
VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 29, 2014) - North American Nickel Inc. (TSX VENTURE:NAN) (OTCBB:WSCRF) (CUSIP:65704T 108) (the “Company”) is pleased to announce that the drill and drilling equipment that will be used at the Imiak Hill Conduit Complex have arrived in Nuuk, Greenland and has been off-loaded from the ship.
The drill crews and North American Nickel’s geological team will be arriving in Nuuk on June 13th.
North American Nickel has finalized its geological team for the 2014 Maniitsoq program. The team has been assembled, and is led, by COO Neil Richardson. It is a bigger, more experienced group this year and will work in two shifts. It consists of Team A: Jim Sparling (Project Manager), Chris Roney and Darrel Turcotte; and, Team B: Jamie Lavigne, Kevin Wells, and Scot Halladay. The two teams represent combined exploration/mining experience of over 150 years.
NAN President, Mark Fedikow and Principal Nickel Consultant, Patti Tirschmann will also spend time on the ground at Maniitsoq this season reviewing core, mapping and assisting the geological teams.
Ground Geophysics Update
Crone Geophysics has now completed 655 gravity stations and 67 kilometers of surface Time-Domain Electromagnetics (TDEM) at the Imiak Hill Conduit Complex (IHCC).
The gravity crew has completed an additional 126 stations at Fossilik and the TDEM crews are now working on the Fossilik grid and have approximately 20 kilometers of surveying remaining to complete the spring geophysical program.
The results from both programs are expected over the next few weeks.
VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 29, 2014) - North American Nickel Inc. (TSX VENTURE:NAN)(OTCBB:WSCRF) (CUSIP: 65704T 108) (the “Company”) is pleased to announced that it has closed its previously announced non-brokered private placement (See Company news release dated May 8, 2014). Gross proceeds of $9,379,970 were raised through the issue of 28,424,152 common shares pursuant to the private placement. In addition, 50,000 common shares were issued as a finder’s fee in connection with the private placement.
All securities issued pursuant to the private placement are subject to a hold period and may not be traded until September 30, 2014.
Sentient Executive GP IV, Limited (for the general partner of Sentient Global Resources Fund IV, L.P.) (“Sentient”) subscribed for a total of 11,739,425 common shares in the financing. Sentient, which is an insider and a related party of the Company, now beneficially owns, or exercises control or direction over, 69,866,523 common shares (or, approximately 41.2% of the issued and outstanding common shares) of the Company.
VMS Ventures Inc. (“VMS”) subscribed for a total of 3,787,879 common shares in the financing. VMS, which is an insider and a related party of the Company, now beneficially owns, or exercises control or direction over, 37,377,583 common shares (or, approximately 22.0% of the issued and outstanding common shares) of the Company. VMS also has warrants entitling it to acquire up to an additional 5,882,352 common shares of the Company.
The proceeds of this financing will be used to fund the Company’s 2014 exploration and drill program for its highly prospective Maniitsoq Ni-Cu-Co-PGE project in southwest Greenland and general working capital purposes.
About North American Nickel
North American Nickel is a mineral exploration company with 100% owned properties in Maniitsoq, Greenland, Sudbury, Ontario, and the Thompson, Manitoba nickel belt.
The Maniitsoq property in Greenland is a Camp scale project comprising 3,601 square km covering numerous high-grade nickel-copper sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland Norite Belt (GNB). The >75km-long belt is situated along, and near, the southwest coast of Greenland, which is pack ice free year round.
The Post Creek/Halcyon property in Sudbury is strategically located adjacent to the past producing Podolsky copper-nickel-platinum group metal deposit of KGHM International Ltd. The property lies along the extension of the Whistle Offset dyke structure. Such geological structures host major Ni-Cu-PGM deposits and producing mines within the Sudbury Camp.