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Flying Nickel Mining Corp. Signs Letter of Intent to Sell Minago Assets to Norway House Cree Nation
Vancouver, British Columbia--(Newsfile Corp. - July 22, 2024) - Flying Nickel Mining Corp. (TSXV:...
About this update from Cleantech Vanadium Mining Corp
[{"type":"text","content":"\nFlying Nickel Mining Corp. Signs Letter of Intent to Sell Minago Assets to Norway House Cree NationVancouver, British Columbia--(Newsfile Corp. - July 22, 2024) - Flying Nickel Mining Corp. (TSXV: FLYN) (OTCQB: FLYNF) (\"Flying Nickel\") and Norway House Cree Nation (\"NHCN\") are pleased to announce that they have entered into a binding letter of intent dated July 21, 2024 (the \"Agreement\") pursuant to which Flying Nickel proposes to sell its Minago Nickel project and its related assets and undertaking located in the Thompson Nickel Belt of Manitoba, Canada (the \"Minago Assets\") to NHCN (the \"Proposed Transaction\").In consideration for the Minago Assets, at the closing of the Proposed Transaction, NHCN shall surrender all of the common shares in the capital of Flying Nickel (\"Flying Nickel Shares\") held by NHCN immediately prior to closing of the Proposed Transaction. Total consideration will either be payment of (i) $7.3 million in cash and surrender of 31,015,206 (35.2%) of Flying Nickel Shares, or (ii) $8 million in cash and surrender of 17,561,862 (19.9%) of Flying Nickel Shares. Blackstone, Sparta and NHCN (the \"Shareholders\") will support Flying Nickel's management at the annual general and special meeting of Flying Nickel currently scheduled to take place on July 23, 2024 (the \"July 23 Meeting\"), including voting in favor of the proposed plan of arrangement pursuant to which Flying Nickel would acquire all of the issued and outstanding common shares of Nevada Vanadium Mining Corp. (the \"NV Merger\"), and the four board nominees proposed by Flying Nickel (the \"Flying Nickel Slate\"). The alternative slate of directors proposed by the Shareholders has been withdrawn. Norway House Cree Nations currently holds 17,561,862 (19.9%) Flying Nickel Shares, and collectively Blackstone Minerals Limited (\"Blackstone\") and Sparta AG (\"Sparta\") hold 13,453,344 (15.3%) Flying Nickel Shares. The Shareholders acknowledge that some shareholders of Flying Nickel may have submitted a form of proxy or voting information form naming \"Michael Ly\" or \"Jamie Kagan\" (the \"Proxyholders\") with the intention to cast their shares based on the Shareholders' press release dated June 27, 2024. The Proxyholders have the discretion to cast those votes as they deem fit, and have determined that any shares represented by form of pro...