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Spruce Ridge Declares Dividend-in-kind of Shares of Canada Nickel Company Inc.
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[{"type":"text","content":"Spruce Ridge Declares Dividend-in-kind of Shares of Canada Nickel Company Inc.NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATESPUSLINCH, ON / ACCESSWIRE / June 23, 2020 / Spruce Ridge Resources Ltd. (TSXV:SHL) - (\"Spruce Ridge\" or the \"Company\") is pleased to announce that its board of directors has declared a dividend-in-kind (the \"Dividend\") of 2,500,000 of the 10,600,000 common shares of Canada Nickel Company Inc. (TSXV:CNC) (\"CNC Shares\") held by Spruce Ridge. The Dividend is payable on August 28, 2020 to holders of record of Spruce Ridge shares at the close of business on July 6, 2020 (the \"Record Date\").The CNC Shares were acquired by Spruce Ridge in connection with the previously announced sale of its interest in the Crawford Nickel-Cobalt Sulphide project, details of which are contained in the Company's previous news releases issued on October 1, 2019 and February 19, 2020, and are subject to escrow in accordance with the rules and policies of the TSX Venture Exchange (the \"Exchange\").Canada Nickel Company Inc. (TSXV:CNC) announced yesterday the initial results from infill drilling on the Main Zone at its Crawford Nickel-Cobalt Sulphide project, the highlights being:First infill hole on Main Zone returned 0.42% nickel over 306 metres starting at 43 metres, including 0.51% nickel over 27 metres starting at 304 metres. Entire hole returned 0.40% nickel, 0.017% cobalt, 0.05 g/t PGM over 361 metres within the steeply dipping higher-grade core which varies in true thickness from 40 to 160 m.Spruce Ridge has designated the Dividend to be an \"eligible dividend\" for the purposes of the Income Tax Act (Canada) and corresponding provincial legislation. The dividend will be taxable and non-residents of Canada will be subject to Canadian withholding taxes. Shareholders with questions regarding the tax treatment of dividends should consult with their own tax advisors or contact their local office of the Canada Revenue Agency and, where applicable, the provincial taxation authorities.The Dividend will be distributed on a pro rata basis. No fractional shares or cash in lieu thereof (or any other form of payment) will be payable under the Dividend. Any fractional interests in CNC Shares under t...