Electrum fund boosts stake in Nickel Creek Platinum – by Carl A. Williams (Northern Miner – June 9, 2020)

Global mining news

The Electrum Strategic Opportunities Fund has increased its interest in Nickel Creek Platinum (TSX: NPC; US-OTC: NCPCF) to 33.88% following the closure of the second tranche of a private placement.

The mining-focussed private equity fund based in New York is part of the Electrum Group founded by billionaire Thomas Kaplan.

The fund purchased nearly 21 million units at a price of 5¢ per unit, raising $1.1 million of Nickel Creek’s total equity raise of $1.53 million.

Each unit comprises one common share in the company and one common share purchase warrant, with each warrant exercisable into one common share for 10¢ per share for a period five years from the date of issuance.

“Electrum was also involved in the first tranche of the financing and because they owned around 26% of the company, they are considered an insider to the company,” Diane Garrett, the company’s president and CEO, said in an interview.

For the rest of this article: https://www.northernminer.com/fast-news/electrum-strategic-opportunities-fund-boosts-stake-in-nickel-creek-platinum/1003817840/

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