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Spruce Ridge Announces Completion of Dividend-in-kind of Shares of Canada Nickel Company
(TheNewswire) TheNewswire – November 15 th , 2021 - Spruce...
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[{"type":"text","content":"Spruce Ridge Announces Completion of Dividend-in-kind of Shares of Canada Nickel Company\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n TheNewswire – November 15\n \n \n th\n \n \n , 2021 -\n \n \n Spruce Ridge Resources Ltd. (TSXV:SHL) -\n(“\n \n \n Spruce Ridge\n \n \n ” or the “\n \n \n Company\n \n \n ”)\n \n \n announces\nthat it has completed the previously announced in-specie dividend\ndistribution (the “\n \n \n Dividend\n \n \n ”) of an aggregate of 2,505,024\ncommon shares of Canada Nickel Company Inc. (TSXV: CNC)\n(“\n \n \n CNC Shares\n \n \n ”) (see the Company’s news release dated October 22, 2021\nfor more details on the Dividend).\n \n \n \n \n Immediately prior to the completion of the Dividend,\nSpruce Ridge held, directly or indirectly, 8,100,000 CNC Shares,\nrepresenting on a non-diluted and partially diluted basis\napproximately 9.15% of the CNC Shares then issued and outstanding.\n Following the completion of the Dividend, Spruce Ridge held,\ndirectly or indirectly, 5,594,995 CNC Shares, representing on a\nnon-diluted and partially diluted basis approximately 6.33% of the CNC\nShares then issued and outstanding. As such, Spruce Ridge is no longer\nan insider of Canada Nickel Company under applicable securities laws.\n \n \n \n \n The CNC Shares were acquired by Spruce Ridge in\nconnection with the previously announced sale of its interest in the\nCrawford Nickel-Cobalt Sulphide project (the “\n \n \n Project\n \n \n Sale\n \n \n ”), details of\nwhich are contained in the Company’s previous news releases issued\non October 1, 2019 and February 19, 2020.  The Company disposed of\nthe 2,505,024 CNC Shares described in this press release, as since\nreceiving the CNC Shares in February 2020 following completion of the\nProject Sale, it has always been the Company’s intention to\ndistribute a total of 5,000,000 CNC Shares to Spruce Ridge\nshareholders following their release from escrow under applicable\nsecurities laws. In accordance with such applicable securities laws,\nand\n \n \n depending on market and other conditions,\nSpruce Ridge\n \n \n may from time to time in the future\nincrease or decrease its ownership, control or direction over CNC\nShares, through market transactions, private agreements, ...