Mark Jarvis, CEO of Giga Metals Corp. announced today that Giga has completed the first tranche of its previously announced July 17, 2024 non-brokered private placement of up to 10,000,000 units  at a price of $0.15 per Unit.

Pursuant to the First Tranche, Giga issued 6,516,667 Units for gross proceeds of $977,500. Each Unit consists of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). 

Each Warrant will entitle the holder thereof to purchase one Common Share of the Company (a “Warrant Share”) for a period of three years following issuance at an exercise price of $0.22 per Warrant Share.

In connection with the First Tranche, Giga paid aggregate finders’ fees of $27,300 and issued an aggregate of 182,000 finders’ warrants (the “Finders’ Warrants”) to certain finders. The Finders’ Warrants have the same terms as the Warrants forming part of the Units but expire one year from the date of issuance. All securities issued pursuant to the First Tranche are subject to a four-month statutory hold period.

The Company intends to use the net proceeds of the First Tranche for working capital and general corporate purposes. The First Tranche remains subject to final approval of the TSX Venture Exchange.

About Giga Metals Corporation:

Giga Metals Corporation’s core asset is the Turnagain Project, located in northern British Columbia, which contains one of the few significant undeveloped sulphide nickel and cobalt resources in the world. Turnagain is held in Hard Creek Nickel, a subsidiary owned 85% by Giga Metals Corporation and 15% by Mitsubishi Corporation. The Pre-Feasibility Study was released in October 2023.

 

 

Source: globenewswire.com

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