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Nickelex Signs Definitive Agreement to Option in on Four Projects in the Thompson Nickel Belt, Manitoba
Vancouver, British Columbia--(Newsfile Corp. - October 17, 2023) - Nickelex Resource Corporation...
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[{"type":"text","content":"Nickelex Signs Definitive Agreement to Option in on Four Projects in the Thompson Nickel Belt, ManitobaVancouver, British Columbia--(Newsfile Corp. - October 17, 2023) - Nickelex Resource Corporation (TSXV: NICK) (\"Nickelex\" or the \"Company\") reports that it has signed a definitive agreement with CanAlaska Uranium Ltd. (\"CanAlaska\") on October 13, 2023, to earn up to an 80% interest in four projects, consisting of the Strong, Strong Extension, Moak North and Wilson Mineral Exploration Licenses in the Thompson Nickel Belt (\"TNB\"), Manitoba (the \"Projects\"). (See Figure 1)The definitive agreement provides that Nickelex may earn:a 49% interest in the Projects by making a cash payment of $35,000, issuing 5,000,000 common shares in the capital of the Company (\"Shares\") and incurring exploration expenditures of $2,000,000 over the first 2 years; an increased interest to 70% by making an additional cash payment of $50,000, issuing 7,500,000 additional Shares and incurring additional exploration expenditures of $3,500,000 by the end of the third year; andan increased interest to 80% by making an additional cash payment of $65,000, issuing 25,000,000 additional Shares and incurring additional exploration expenditures of $3,500,000 by the end of the fifth year. In the event any Share issuance would cause CanAlaska to become a new \"Control Person\" (as such term is defined in TSXV policies), then Nickelex will be required to obtain shareholder approval to same before issuing such Shares in accordance with TSXV policies. If shareholder approval is not received, Nickelex may then pay the outstanding obligation in cash in lieu of Shares based on the fair market value of the Shares at the time of payment.The Company will also pay CanAlaska $3,000,000 after completing a positive feasibility study on the Projects (such payment may be satisfied in Shares at Nickelex's sole discretion, subject to shareholder approval in the event such issuance would cause CanAlaska to become a new Control Person). This arm's length transaction is considered a Fundamental Acquisition under the policies of the TSX Venture Exchange. The definitive agreement is subject to TSX Venture Exchange approval.During the 49% and 70% earn-in stages, CanAlaska will be the operator of the Projects and will be entitled to charge an operator fee. Nickelex will have dec...