Business
EV Nickel Announces Closing Previously Announced Acquisition of Extensive Land Package Near Langmuir
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES TORONTO, ON...
About this update from Ev Nickel Inc.
[{"type":"text","content":"EV Nickel Announces Closing Previously Announced Acquisition of Extensive Land Package Near LangmuirNOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICESTORONTO, ON / ACCESSWIRE / April 4, 2022 / EV Nickel Inc. (TSXV:EVNI) (\"EVNi\" or the \"Company\") is pleased to announce that it has now closed its previously announced acquisition of properties (the \"Acquisition\") within and to the south of the Shaw Dome, spread across 12 townships (the \"Acquisition Package\" or the \"Shaw Dome Acquisition Properties\") incorporating 1,088 staked mining claims over almost 21,000 hectares of prospective land.The Acquisition Package was acquired from 2812794 Ontario Inc. (the \"Vendor\"), a privately held mineral exploration company that is arms length from EVNi. The purchase price for 100% ownership of the Acquisition Package was $350K cash (the \"Cash Consideration\"), $100k of which was paid to the Vendor pursuant to a letter of intent signed in 2021, plus 2.5 million EVNi shares (the \"Consideration Shares\") issued at closing of the Acquisition.In addition to the Cash Consideration and Share Consideration, EVNi and the Vendor and entered into a 2.75% net-smelter royalty agreement (the \"Shaw Dome Royalty Agreement\") with respect to certain Shaw Dome properties and a 2.75% net-smelter royalty agreement (the \"Groves Royalty Agreement\", together with the Shaw Dome Royalty, the \"Royalty Agreements\") with respect to the Groves properties. Pursuant to the Royalty Agreements, EVNi may re-purchase 50% of the royalties granted thereunder for $1,850,000 in the case of the Shaw Dome Royalty Agreement and $1,500,000 in the case of the Groves Royalty Agreement.The Consideration Shares have been placed in escrow pursuant to an escrow agreement entered into between the Company, the Vendor and an escrow agent, pursuant to which one-third of the Consideration Shares will be released on the date that is six months following the closing date, one-third of the Consideration Shares will be released on the date that is twelve months following the closing date, one-third of the Consideration Shares will be released on the date that is eighteen months following the closing date.The Company is now focussed on continuing to review the available historical data, including re-processing airborne and ground geophysical surveys to help pr...