VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 28, 2013) - Nickel North Exploration Corp. (TSX VENTURE:NNX) (the "Company" or "Nickel North") is pleased to announce that it has closed the $2-million private placement announced on February 19th, 2013, with Sinotech (Hong Kong) Corporation Limited, an affiliate of Goldrock Resources Co., Ltd., the Company's largest shareholder. The Company issued 8,000,000 non-flow-through units (the "Non-Flow-Through Units") at a price of $0.25 per Non-Flow-Through Unit for gross proceeds of $2,000,000 on a non-brokered basis.
Each Non-Flow-Through Unit consists of one common share (each, a "Common Share") of the Company, issued on a non-flow-through basis, and one half of one warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable into one Common Share at a price of $0.35 per Common Share in the first year and at a price of $0.60 per Common Share in the second year. No finder`s fees are paid in relation to the closing of this financing.
The securities issued under the offering are subject to a hold period expiring on July 29, 2013.
About The Hawk Ridge Ni-Cu-PGE Project
The Hawk Ridge Ni-Cu-PGE Project is situated in an established mining district within the Labrador Trough in northern Quebec. The project is ideally located on tidewater on the west coast of Ungava Bay. The mineral claims cover 18,700 hectares of a highly anomalous 50 km belt of mafic to ultramafic intrusive, volcanic and sedimentary rocks hosting widespread magmatic copper-nickel sulphide mineralization. The project area lies within the prolific Circum Superior Nickel Belt, which also hosts the world-class (producing) Raglan and Thompson mining districts. The property has an extensive work history dating back to 1961 (24,000 m drilling in 361 holes, approximately $20 million in expenditures) by several operators including Esso, SOGEM, Phelps Dodge and Falconbridge. It is currently planning a 2 drill program for the 2013 exploration season.
Other entities and projects active in the area include Goldcorp's Eleonore Mine which is presently under construction, as well as Oceanic Iron Ore Corp.'s iron deposit, currently under development - along with proposed road and port facilities being considered under the Quebec government's $80 billion "Northern Mineral Development Initiative" supporting mining infrastructure in the province. Additionally, the Quebec government refunds approximately 47.5% of all exploration and development expenditures in the northern portion of the Province.
About Nickel North Exploration Corp.
Nickel North Exploration Corp. is a Canadian based exploration company whose shares trade on the TSX Venture Exchange under the symbol NNX. The board of directors, advisory committee and management team feature highly experienced mining professionals and technical experts with an extensive history of mineral discovery and mine development; corporate finance and capital markets; as well as corporate mergers, acquisitions and take-overs. Nickel North Exploration Corp. is a conscientious corporate citizen, maintains good relations with First Nations, and is committed to sustainable development. The Company's corporate mission is to become a pre-eminent supplier of nickel, copper and Platinum Group Elements for domestic and global export markets.
On behalf of Nickel North Exploration Corp.
Phillip Mudry, P. Geol., CEO
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 that the Company is currently planning a 2 drill program for the 2013 exploration season. 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.