NorthX Nickel Secures CAD 1.3M Financing for Grasset Project Expansion

NorthX Nickel Corp. (CSE: NIX, OTCQB: NXNIF) has announced a non-brokered private placement of up to 26,000,000 subscription receipts, raising CAD 1.3 million in gross proceeds. The financing will be used to fund general working capital purposes, including exploration and development activities at the company's flagship Grasset Project in Quebec. This strategic move aligns with NorthX Nickel's long-term vision and growth strategy, focusing on the exploration and development of its nickel sulphide properties within its portfolio.

The Grasset Project, located within the Abitibi Greenstone Belt, boasts an Indicated Resource of 5.5Mt @ 1.53% NiEq, containing approximately 90 million pounds of nickel equivalent. The project's high-grade nickel mineralization and favorable location near existing infrastructure make it one of the most attractive undeveloped nickel sulphide projects in Canada. NorthX Nickel's recent discovery of the H1X zone has the potential to double the existing resource, further enhancing the project's significance.

The proposed financing is subject to the satisfaction of certain conditions, including the completion of NorthX Nickel's proposed asset acquisition transaction with Magna Mining Inc. ("Magna"). The transaction involves the sale of NorthX Nickel's entire Sudbury Basin portfolio of nickel and base metal assets to Magna, allowing NorthX Nickel to focus its resources and efforts on the Grasset Project. This strategic move enables the company to prioritize the exploration and development of what it considers one of the most attractive undeveloped nickel sulphide projects in Canada.



The proposed asset acquisition transaction has several strategic implications for NorthX Nickel's future growth and development. By selling its Sudbury portfolio, NorthX Nickel will be able to focus all its resources and efforts on its flagship Grasset Project in Quebec. This streamlined focus allows the company to prioritize the exploration and development of the Grasset Project, potentially leading to further discoveries and the advancement of the project. Additionally, the transaction reduces NorthX Nickel's liabilities and improves its financial position, enabling the company to invest more in exploration and development activities at Grasset.

The proposed financing and asset acquisition transaction align with NorthX Nickel's long-term vision and growth strategy. By securing CAD 1.3 million in financing and selling its Sudbury portfolio, NorthX Nickel is well-positioned to focus on its core asset, the Grasset Project, and invest in exploration and development activities that align with its long-term vision and growth strategy. The company's focus on high-grade, environmentally responsible nickel projects in stable jurisdictions like Canada positions it well to capitalize on the growing demand for responsibly sourced nickel.

In conclusion, NorthX Nickel's proposed financing and asset acquisition transaction are strategic moves that align with the company's long-term vision and growth strategy. By securing CAD 1.3 million in financing and selling its Sudbury portfolio, NorthX Nickel is well-positioned to focus on its core asset, the Grasset Project, and invest in exploration and development activities that will drive the company's future growth and success in the evolving global nickel market.