Business
EV Nickel to Acquire Extensive Land Package near to the Langmuir Project
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES • A...
About this update from Ev Nickel Inc.
[{"type":"text","content":"EV Nickel to Acquire Extensive Land Package near to the Langmuir ProjectNOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES• Acquiring 1,088 claims, over almost 21,000 hectares of prospective land, from a private vendor• New land package is located mainly in the highly prospective Shaw Dome to the north, west and south of the Company's Langmuir ProjectTORONTO, ON / ACCESSWIRE / February 28, 2022 / EV Nickel Inc. (TSX-V:EVNI) (\"EVNi\" or the \"Company\") is pleased to announce it plans to acquire properties (the \"Transaction\") 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.The Acquisition Package was acquired from a privately held mineral exploration company that is arms length from EVNi (the \"Vendor\"). The purchase price for 100% ownership of the Acquisition Package is $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\") to be issued at closing of the Transaction.The Transaction is subject to approval of the TSX Venture Exchange.The Shaw Dome Acquisition Properties are clustered into three groups:In addition to the Cash Consideration and the Consideration Shares to be paid at closing, EVNi and the Vendor will enter into a 2.75% net-smelter royalty agreement (the \"Shaw Dome Royalty Agreement\") with respect to the Shaw Dome property group 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 property group. Pursuant to the Royalty Agreements, EVNi may re-purchase 50% of the royalties granted thereunder for $2,500,000 in the case of the Shaw Dome Royalty Agreement and $1,500,000 in the case of the Groves Royalty Agreement.The Consideration Shares will be placed in escrow subject to an escrow agreement to be 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 closi...