Business
Nickel 28 Announces Settlement with Former Chief Executive Officer
Toronto, Ontario--(Newsfile Corp. - June 18, 2024) - Nickel 28 Capital Corp. ( TSXV: NKL ) ( FSE:...
About this update from Nickel 28 Capital Corp
[{"type":"text","content":"Nickel 28 Announces Settlement with Former Chief Executive OfficerToronto, Ontario--(Newsfile Corp. - June 18, 2024) - Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) (\"Nickel 28\" or the \"Company\") today announced that it has entered into a settlement agreement with Black Vulcan Resources LLC (\"Black Vulcan\") and its principal, Anthony Milewski (\"Milewski\", and collectively with Black Vulcan, the \"Milewski Parties\") in connection with the termination of the Milewski Parties' consulting arrangement with the Company previously announced on May 6, 2024 (the \"Settlement\"). Nickel 28 and the Milewski Parties have entered into the Settlement which includes a full and final mutual release of any claims between the parties, as well as a customary two-year standstill by the Milewski Parties. Pursuant to the Settlement, the Milewski Parties will return to the Company 4,965,222 common shares of Nickel 28 for nil consideration; no compensation or other amounts will be paid by the Company to the Milewski Parties. The shares will be returned to treasury and cancelled, which will result in a decrease in the Company's issued and outstanding common shares. Immediately following the cancellation of such shares, which is expected to be completed shortly after the release of the Company's annual consolidated financial statements and related filings for the fiscal year ended January 31, 2024, the Company expects to have 90,143,722 common shares issued and outstanding.The Settlement was considered and recommended to the board of directors of Nickel 28 (the \"Board\") by the previously formed, independent Special Committee of the Board (the \"Special Committee\"). \"The Settlement was determined to be and approved by the Board, on the recommendation of the Special Committee, as being in the best interests of the Company in order to allow Nickel 28 to focus its time and resources on pursuing its strategic vision and plans,\" said Christopher Wallace, the Company's Interim CEO. In connection with the Settlement, Milewski has resigned from the Board with immediate effect. At the date of this news release, Nickel 28 has not entered into any settlement with respect to the previously announced terminations of Messrs. Justin Cochrane and Conor Kearns and continues to reserve all of its rights and remedies against the aforementioned individuals.Ab...