Business
Nickel North Exploration Corp. Extends and Increases Loan
VANCOUVER, British Columbia, March 18, 2019 (GLOBE NEWSWIRE) -- Nickel North Exploration Corp. (TSX Venture: NNX) (the “Company” or “Nickel North”) is pleased t
About this update from Nickel North Exploration Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, March 18, 2019 (GLOBE NEWSWIRE) -- Nickel North Exploration Corp. (TSX Venture: NNX) (the “Company” or “Nickel North”) is pleased to announce that the Company has entered into an amendment agreement (the “Amendment”) with SinoTech (Hong Kong) Corporation Limited (the “Lender”) to further extend the repayment term of the loan to the Company to June 30, 2019, while also increasing the principal amount of the loan to $1,012,048.37 (the “Principal Amount”). The Principal Amount comprises the current principal amount of the loan advanced to the Company to date and accrued interest thereon. The Principal Amount will bear interest at a fixed rate of 10% per annum. All other terms and conditions of initial loan agreement between the Company and the Lender dated November 2, 2016 remain in force and are unamended except to the extent amended by the parties. The proceeds of the Amendment are expected to be used by the Company for the daily operation and paying the current liabilities. The Amendment is considered a “related party transaction” under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Amendment is exempt from the requirements to obtain a formal valuation pursuant to the exemption in section 5.5(b) of MI 61-101, as the Company is not listed on a specified market, and is exempt from minority shareholder approval pursuant to section 5.7(1)(f) of MI 61-101, as the Amendment does not have an equity or voting component and is on reasonable commercial terms that are not less advantageous to the Company than if the Amendment were obtained from an arm's length party. About Nickel North Exploration Corp. Nickel North Exploration is a Canadian based explorer focused on defining a Ni‑Cu‑PGE resource at our Hawk Ridge Project in Northern Quebec. The board of directors, advisor committee and management team are experienced, successful mine finders. The property consists of a 50 km long belt of magmatic Ni‑Cu‑PGE occurrences covering over 30,658 hectares. The project is located near tidewater. Quebec is a mining friendly jurisdiction. Nickel North Exploration is a conscientious corporate citizen, maintains good relations with Communities and Aboriginal people, and is committed to sustain...