On April 12, 2024, Power Nickel Inc closed the transaction. The company has now issued 11,889,875 common shares at a price of CAD 0.20 per share for the gross proceeds of CAD 2,377,975 in the transaction. The private placement is subject to final approval of the TSX Venture Exchange.

In connection with the private placement, the company agreed to pay finder's fees to two registered dealer firms in the amount of CAD 75,064 in cash and 117,250 finder's warrants, exercisable for a period of 18 months from closing at an exercise price of CAD 0.20 per common share. All securities issued in connection with the private placement have a statutory hold period of four months and one day from the date of issuance. All four of the directors of the company participated in the private placement for aggregate investment of CAD 333,125.