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Flying Nickel Signs Definitive Agreement to Acquire Nevada Vanadium
Vancouver, British Columbia--(Newsfile Corp. - October 7, 2022) - Flying Nickel Mining Corp. (...
About this update from Cleantech Vanadium Mining Corp
[{"type":"text","content":"Flying Nickel Signs Definitive Agreement to Acquire Nevada VanadiumVancouver, British Columbia--(Newsfile Corp. - October 7, 2022) - Flying Nickel Mining Corp. (TSXV: FLYN) (OTCQB: FLYNF) (\"Flying Nickel\") and Nevada Vanadium Mining Corp. (formerly 1324825 B.C. Ltd.) (\"Nevada Vanadium\") are pleased to announce that they have entered into a definitive arrangement agreement dated October 6, 2022 (the \"Arrangement Agreement\") pursuant to which Flying Nickel will acquire all of the issued and outstanding common shares of Nevada Vanadium (the \"Nevada Vanadium Shares\") by way of a court-approved plan of arrangement (the \"Transaction\").Under the terms of the Transaction, Nevada Vanadium shareholders are expected to receive one (1) (the \"Exchange Ratio\") Flying Nickel common share (a \"Flying Nickel Share\") for each Nevada Vanadium Share held immediately prior to the effective time of the Transaction, representing the equivalent of $0.195 per Nevada Vanadium Share, based on the closing price of Flying Nickel Shares on the TSX Venture Exchange (the \"TSXV\") on October 6, 2022. The convertible securities of Nevada Vanadium are expected to remain outstanding following completion of the Transaction, however, upon exercise, are expected to entitle the holder thereof to obtain Flying Nickel Shares subject to the terms of such convertible securities of Nevada Vanadium.Currently, Flying Nickel has approximately 62 million shares outstanding, and Nevada Vanadium has approximately 53 million shares outstanding. Upon completion of the Transaction, the combined company (the \"Resulting Issuer\") will be owned approximately 54% by Flying Nickel shareholders and 46% by Nevada Vanadium shareholders. The Resulting Issuer is expected to continue to be listed on the TSXV as a mining issuer. Flying Nickel has received conditional approval from the TSXV in respect of the Transaction.The implied equity value for Nevada Vanadium as of the date of the Arrangement Agreement based on the Exchange Ratio is approximately $7,847,907 based on the 20-day volume-weighted-average-price of Flying Nickel Shares on the TSXV as of close on October 6, 2022. Nevada Vanadium is a reporting issuer in each of the provinces and territories of Canada other than Quebec and the Nevada Vanadium Shares are not listed for trading on any stock exchange.The Transaction is...