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Cumberland Resources Nickel Announced Purchase Agreement to Acquire the Indigo Graphite Mineral Leases and Private Placement
Toronto, Ontario--(Newsfile Corp. - April 28, 2023) - Cumberland Resources Nickel Corp. (CSE: LAND) (the "Company" or "Cumberland") is pleased to announce it ha
About this update from Global Tactical Metals Corp.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - April 28, 2023) - Cumberland Resources Nickel Corp. (CSE: LAND) (the \"Company\" or \"Cumberland\") is pleased to announce it has entered into a purchase agreement dated April 27, 2023 (the \"Agreement\") to acquire (the \"Acquisition\") 100% legal and beneficial interest in the Indigo Mineral Leases (the \"Indigo Claims\") from an arm's length individual (the \"Vendor\"). In addition, the Company is pleased to announce, it intends to complete a non-brokered private placement of for aggregate gross proceeds of up to $1,185,000 (the \"Offering\"), or such greater amount as the Company may determine. Property Details The Indigo Claims are comprised of 32 mining claims covering approximately 1,892.5 hectares in the Saint-Michel-des-Saints municipality, Quebec. Transaction Details Pursuant to the Agreement, the Company will acquire a 100% right, title and interest in and to the Indigo Claims by paying the Vendor on closing of the Acquisition: (i) cash consideration of $200,000; and (ii) the Company will issue the Vendor, or as the Vendor directs, 30,000,000 common shares of the Company (the \"Payment Shares\"). The Payment Shares will be issued at a deemed price equal to the maximum discount allowed on the Canadian Securities Exchange (the \"CSE\"). The Payment Shares will be subject to a contractual lock-up restricting the transfer of the Payment Shares as follows. The Payment Shares will be subject to a voluntary resale restriction from the date of issuance of the Payment Shares, with 20% of the Payment Shares (6,000,000 Payment Shares) being released on closing of the Acquisition and 20% of the Payment Shares (6,000,000 Payment Shares) being released every six (6) months thereafter. In addition, the Company will grant a 3% net smelter royalty (\"NSR\") in favour of the Vendor payable on the Indigo Claims. One third (1/3) of the NSR or 1.0% can be purchased by the Company or nominee for $2.0 million. In addition, Cumberland will commission an NI 43-101 Technical Report (\"Technical Report\") to determine the size of the graphite resource, if any, on the Indigo Claims. If there is a resource on the Indigo Claims, as confirmed by the Technical Report, then the Company will provide the following additional cash payment to the Vendor: (i) $2,500,000 if a Technical Report determines there is a resou...