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Canada Nickel to Complete Option Transaction with Noble
Canada Nickel to Complete Option Transaction with Noble Canada NewsWire ...
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[{"type":"text","content":"\n \n \n \n Canada Nickel to Complete Option Transaction with Noble\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TORONTO\n \n ,\n \n April 9, 2021\n \n /CNW/ - Canada Nickel Company Inc. (\"\n \n Canada Nickel\n \n \" or \"\n \n the\n \n \n Company\n \n \") (TSXV: CNC) (OTCQB: CNIKF) is pleased to announce that, further to the Company's news release on\n \n February 17, 2021\n \n (that Canada Nickel had entered into a binding letter of intent with Noble Mineral Exploration (\"Noble\") to consolidate ownership of certain claims in\n \n MacDiarmid\n \n and Loveland Townships (the \"Transaction\")), Canada Nickel has now entered into a longer-form option agreement with Noble, has received conditional approval from the TSX Venture Exchange, and plans to close the Transaction as soon as possible following the issuance of this news release.\n \n \n \n \n \n \n \n \n \n The Transaction options 39 additional mineral claims (the \"Option\") adjacent to the original\n \n MacDiarmid\n \n property option previously announced on\n \n July 13, 2020\n \n . In exchange for the Option, Canada Nickel has agreed to (i) issue 200,000 common shares of Canada Nickel to Noble, (ii) forgive the\n \n $160,224\n \n amount currently owed by Noble to Canada Nickel, (iii) take all steps as are commercially reasonable to transfer\n \n $500,000\n \n in assessment credits to Noble, and (vi) Noble will retain an NSR of up to 1.75%. Under the terms of the Option, a 60% interest in the claims will vest in\n \n Canada\n \n Nickel provided Canada Nickel funds at least\n \n $100,000\n \n of exploration and development expenditures on the claims within 18 months. An 80% interest in the claims will vest in\n \n Canada\n \n Nickel provided Canada Nickel funds at least an additional\n \n $150,000\n \n (for a total of\n \n $250,000\n \n ) of exploration and development expenditures on the claims within 36 months. Canada Nickel will also be responsible for exploration expenditures and other costs required to maintain the claims in good standing (and to make certain r...