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Nickel Rock Resources Closes Disposition of Nickel Claims with Surge Battery Metals Inc.
(TheNewswire) Vancouver, BC - TheNewswire - November 17, 2021- ...
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[{"type":"text","content":"Nickel Rock Resources Closes Disposition of Nickel Claims with Surge Battery Metals Inc.\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n Vancouver, BC -\n \n \n TheNewswire\n-\n \n \n November 17, 2021-\n \n \n Nickel Rock Resources Inc. (the “Company” or\n“Nickel Rock”) (TSXV:NICL\n \n \n ) (\n \n \n OTC:NICKLF\n \n \n ) (\n \n \n FRA:NMK2)\n \n \n announces that further to its\nnews releases dated July 8, 2021 and October 20, 2021 and the TSX\nVenture Exchange’s final approval letter dated November 15, 2021 the\nCompany has closed its non-arm’s length disposition of certain\nNickel claims to Surge Battery Metals Inc. (“Surge”).\n \n \n \n \n \n \n The Company entered into\na\n \n \n n option agreement with Surge dated July 7,\n2021 (the “Agreement”), whereby Surge may earn an undivided 80%\ninterest in the HN4 and N100 Nickel group of claims, located in\nNorthern British Columbia (the “Transaction”). The Company\noptioned out these claims\n \n \n to Surge in order to\nconcentrate on its exploration efforts on the Nickel Group Claims\ndirectly adjacent to the FPX Nickel Corp. (TSXV: FPX) Baptiste Nickel\nDeposit.\n \n \n \n \n As consideration for the Transaction, Nickel Rock has\nreceived 5,000,000 shares of Surge and Surge\n \n \n shall incur an\n \n \n aggregate of $200,000 in\nExploration Expenditures on the Property on or before two years from\nthe date of\n \n \n the\n \n \n Agreement.\n \n \n \n \n \n \n Upon Surge having\nexercised the Option, Surge will have earned an undivided 80% interest\nin the Property, and the parties will enter into a Commercially\nReasonable and Definitive Joint Venture Agreement.\n \n \n \n \n \n \n Pursuant to TSXV Policy\n5.9 and Multilateral Instrument 61-101 --\n \n \n \n Protection of Minority\nSecurity Holders in Special Transactions\n \n \n \n (\"\n \n \n MI\n61-101\n \n \n \"), the Option Agreement constitutes\na \"related party transaction\" due to the fact that CFO and\nCorporate Secretary are also the CFO and Corporate Secretary of Surge.\n The Company relied on Section 5.5(a) of MI 61-101 for an exemption\nfrom the formal valuation requirement and Section 5.7(1)(a) of MI\n61-101 for an exemption from the minority shareholder approval\nrequirement of MI 61-101 as the fair market value...