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Giga Metals and Mitsubishi Corporation Complete Joint Venture Transaction
Vancouver, British Columbia--(Newsfile Corp. - September 1, 2022) - Martin Vydra, President of...
About this update from Giga Metals Corporation
[{"type":"text","content":"Giga Metals and Mitsubishi Corporation Complete Joint Venture TransactionVancouver, British Columbia--(Newsfile Corp. - September 1, 2022) - Martin Vydra, President of Giga Metals Corporation (TSXV: GIGA) (\"Giga\" or the \"Company\") announced today that the Company has completed its previously announced joint venture transaction with Mitsubishi Corporation (TSE: 8058) (\"MC\") to form a new joint venture company, Hard Creek Nickel Corp. (\"Hard Creek\"), to jointly pursue the development of the Turnagain Nickel Deposit in northern British Columbia, Canada.Further to the announcement on August 15, 2022, MC has now acquired a 15% equity interest in Hard Creek in exchange for cash consideration of Cdn $8 million. Giga received an 85% equity interest in Hard Creek in exchange for contributing all related assets for the Turnagain Project. Pursuant to the terms of a shareholders' agreement governing Hard Creek, Giga, with support from MC, will operate the joint venture, reporting to the board of directors of Hard Creek, and will work on a Pre-Feasibility Study (PFS) for the Turnagain Project with completion expected in the first half of 2023.About Giga Metals Corporation Giga Metals Corporation is focused on metals critical to modern batteries, especially those used in Electric Vehicles and Energy Storage. The Company's core asset is the Turnagain Project, located in northern British Columbia, which contains one of the few significant undeveloped sulphide nickel and cobalt resources in the world. Giga Metals has formed a joint venture with Mitsubishi Corporation to develop the Turnagain nickel/cobalt project in Canada and plans to complete a Prefeasibility Study in H1 2023.Forward-Looking StatementsCertain statements in this news release are forward-looking statements, which reflect the expectations of the Company. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements include, but are not limited to, the timing and delivery of a PFS and the future development of the Turnagain Project. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be g...