Giga Metals Completes Significant Financing for Growth
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Giga Metals Completes Non-Brokered Private Placement
Giga Metals Corp. (TSX.V – GIGA) has successfully completed a non-brokered private placement aimed at bolstering its corporate strategy and enhancing project development. This financing step marks another significant milestone for the company, showcasing its commitment to advancing its core assets.
Details of the Private Placement
The private placement saw the issuance of 1,166,666 units at an offering price of $0.15 per unit, which resulted in gross proceeds totaling $175,000. Each unit consists of one share and a share purchase warrant, with each full warrant being exercisable at Cdn. $0.22 for a period of three years, specifically expiring on two separate dates: August 7, 2027, and August 21, 2027. Notably, there is a hold period associated with the issued securities, expiring four months plus one day after issuance, on December 8, 2024, and December 22, 2024, respectively.
Participation and Control Blocks
Insiders participated in the financing with 150,000 units allocated to them. It's important to note that the private placement did not result in the creation of any control blocks, maintaining the current governance structure and ensuring that the company remains strategically agile.
Use of Proceeds
The funds raised through this private placement are earmarked for general corporate purposes, which may include, but are not limited to, operational expenses, strategic initiatives, and further investment in the company's core assets. This funding is vital for Giga Metals as it continues to focus on the evolution of its flagship projects.
Finder's Fees and Warrants
In conjunction with the private placement, finder's fees were compensated on a total of 786,666 units. This included a cash payment of $8,260 and the issuance of 55,067 finders warrants. Each finder's warrant is also exercisable into one share at a price of $0.22 for a one-year period, with expiry dates paralleling those of the primary warrants: August 7, 2025, and August 21, 2025.
About Giga Metals Corporation
Giga Metals Corporation's primary asset is the Turnagain Project, situated in northern British Columbia. This project is notable for housing one of the few major undeveloped sulphide nickel and cobalt resources globally. The Turnagain Project is managed through Hard Creek Nickel, a subsidiary where Giga Metals holds an 85% ownership stake, while Mitsubishi Corporation retains a 15% interest. The company released a Pre-Feasibility Study in October 2023, further solidifying its plans for the future.
Company Contact Information
For more details regarding Giga Metals, stakeholders can reach out to:
Mark Jarvis
CEO
Office Phone: +1 (604) 681-2300
Investor Inquiries: info@gigametals.com
Company Website: www.gigametals.com
Frequently Asked Questions
What was the purpose of the Giga Metals private placement?
The private placement aims to enhance the company’s corporate strategy by providing funds for general corporate purposes and project development.
How many units were issued in the private placement?
A total of 1,166,666 units were issued during the private placement.
What are the terms of the warrants associated with this placement?
Each full warrant is exercisable at a price of Cdn. $0.22 for three years, set to expire on two dates: August 7, 2027, and August 21, 2027.
Did any insiders participate in the investment?
Yes, insiders participated with an allocation of 150,000 units in the private placement.
What is the Turnagain Project known for?
The Turnagain Project is recognized for containing one of the significant undeveloped sulphide nickel and cobalt resources in the world, managed by Giga Metals through its subsidiary, Hard Creek Nickel.
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