Business
Nickel North Signs Letter of Intent on Hawk Ridge Nickel-Copper Project with 1844 Resources Inc.
Vancouver, British Columbia--(Newsfile Corp. - August 13, 2024) - Nickel North Exploration Corp. ...
About this update from 1844 Resources Inc
[{"type":"text","content":"Nickel North Signs Letter of Intent on Hawk Ridge Nickel-Copper Project with 1844 Resources Inc.Vancouver, British Columbia--(Newsfile Corp. - August 13, 2024) - Nickel North Exploration Corp. (TSXV: NNX) (\"Nickel North\" or the \"Company\") is pleased to announce it has entered into a Letter of Intent to option 100% of the Hawk Ridge Ni-Cu-PGM project based on milestones, commitments, with 1844 Resources Inc (\"1844\" or \"EFF\"). This new LOI replaces all previous agreement originally announced Mar 6, 2023.Based on LOI signed August 7, 2024, 1844 will pay combined payments over 5 years of cash payment $1,512,000, 21,000,000 shares issued, $6,000,000 in exploration expenditure outlined per table below. The remaining 20% can be acquired by 1844 as sole and exclusive optionee in exchange for a one-time payment of CAD$2,000,000.If the remaining 20% right is exercised, NNX shall retain a 2% Net Smelter Returns Royalty, of which 50% may be retired by 1844 at any time in exchange for a one-time payment of CAD$1,000,000.Tony Guo, CEO of Nickel North, states, \"This is a transformative transaction for Nickel North as we pivot to high potential projects globally with our committed long-term institutional investors and insiders. With a combined value of over $9 million in cash, expenditures, and 21 million shares of 1844 which despite a challenging venture capital market, we are glad to see 1844 our joint venture partner returning and fully committed to our Hawk Ridge project. It's a testament to its merits and sizable copper-nickel resource in North America with existing resource and exploration potential considering its worldclass neighbors like Raglan and Voisey's Bay Nickel Mines.\"The current Options agreement consists of two options at discretion of 1844 are summarized below. EventCash PaymentShare IssuanceExploration ExpendituresInterest Earned (cumulative)*Option Signing$12,000---TSX-V Approval$200,0005,000,000-10%1st Anniversary$250,0003,000,000$500,00020%2nd Anniversary$250,0003,000,000$1,000,00030%3rd Anniversary$250,0003,000,000$1,500,00040%4th Anniversary$250,0003,000,000$1,500,00060%5th Anniversary$300,0004,000,000$1,500,00080%Total$1,512,00021,000,000$6,000,00080% *If 1844 does not complete the full option, the interest in the property will be forfeited in exchange for common shares of NNX at a monetary value to...