Business
Nexcel Announces the Acquisition of an Additional 42% Interest in the Burnt Hill Tungsten Project
Vancouver, British Columbia--(Newsfile Corp. - February 2, 2026) - Nexcel Metals Corp. (CSE: NEXX) (OTCQB: NXXCF) (FSE: 2OH) ("Nexcel" or the "Company") is pleased to announce that it has entered into a purchase agreement (the "Purchase Agreement") with an arm's length party (the "Vendor"), pursuant to which the Company proposes to acquire from the Vendor (the "Acquisition") an additional 42% interest ("Property Interest") (for a total 71.58% Property Interest) in and to the Burnt Hill Tungsten.
About this update from Nexcel Metals Corp
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - February 2, 2026) - Nexcel Metals Corp. (CSE: NEXX) (OTCQB: NXXCF) (FSE: 2OH) ("Nexcel" or the "Company") is pleased to announce that it has entered into a purchase agreement (the "Purchase Agreement") with an arm's length party (the "Vendor"), pursuant to which the Company proposes to acquire from the Vendor (the "Acquisition") an additional 42% interest ("Property Interest") (for a total 71.58% Property Interest) in and to the Burnt Hill Tungsten Project (the "Burnt Hill Project") located in New Brunswick, Canada.","length":642,"tagName":"p"},{"type":"text","content":"The Company currently owns a 29.58% Property Interest and also has the option to earn up to an additional 28.42% Property Interest from Cadillac Ventures Inc. (the "Optionor"), an arm's length party, pursuant to its option agreement dated October 3, 2025 (the "Option Agreement") with the Optionor and the Vendor.","length":337,"tagName":"p"},{"type":"text","content":"Under the terms of the Purchase Agreement, the Company will acquire the 42% Property Interest in consideration for the issuance to the Vendor of 3,931,094 common shares of the Company ("Common Shares" and as issued pursuant to the Acquisition, the "Consideration Shares") and 5,000,000 non-transferable Common Share purchase warrants (the "Consideration Warrants"), with each Consideration Warrant exercisable to acquire one Common Share at a price of $0.70 until the date that is three years following issuance. The Consideration Warrants are subject to a blocker term that prohibits exercise of the Consideration Warrants to the extent the Vendor would as a result of any exercise hold more than 19.99% of the issued Common Shares, unless the Vendor receives disinterested shareholder approval in accordance with the policies of the Canadian Securities Exchange (the "Exchange").","length":921,"tagName":"p"},{"type":"text","content":"In addition to any resale restrictions or escrow arrangements required under the policies of the Exchange:","length":106,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"all securities issued pursuant to the Acquisition and issuable upon exercise thereof will be subject to a fo...