Class 1 Nickel and Technologies Limited announced a non-brokered private placement of 10,400,000 common shares at a price of CAD 0.05 per share to raise aggregate gross proceeds of CAD 520,000 on May 13, 2024. The shares are subject to a statutory hold period expiring on September 14, 2024. Insiders of the company directly and indirectly subscribed for an aggregate of 10,000,000 shares in the Private Placement. The Private Placement remains subject to the final approval of the Canadian Securities Exchange. The transaction included participation from individual investor Mathew Fitch who indirectly acquired ownership and control of an aggregate of 9,000,000 common shares. The Shares were issued pursuant to a private placement by the company and represent approximately 5.4% of all issued and outstanding Shares as of May 13, 2024, resulting in a corresponding change to the aggregate percentage ownership of the company by the Acquirer and his joint actors.
Immediately before the Acquisition, the joint actors of the Acquiror held an aggregate of 23,619,372 Shares, representing approximately 15.2% of the issued and outstanding shares. Immediately following the Acquisition, the joint actors of the Acquiror held 32,619,372 shares representing approximately 19.6% of the issued and outstanding Shares at May 13, 2024. The Shares were acquired for an aggregate purchase price of CAD 450,000.