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Spruce Ridge Provides Update on Dividend-in-Kind of Shares of Canada Nickel Company Inc.
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About this update from Homeland Nickel Inc
[{"type":"text","content":"Spruce Ridge Provides Update on 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 / September 1, 2020 / Spruce Ridge Resources Ltd. (TSXV:SHL) - (\"Spruce Ridge\" or the \"Company\") announces an update to the 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, previously announced on June 23, 2020 and June 26, 2020. Following the announcement of the Dividend, a number of outstanding warrants to purchase common shares of the Company (the \"Spruce Ridge Shares\") were exercised prior to the close of business on July 6, 2020 (the \"Record Date\"). Based upon the number of Spruce Ridge Shares outstanding as of the Record Date, and ignoring the effect of rounding for fractional interests, each one (1) Spruce Ridge Share held on the Record Date will entitle the holder to receive approximately 1.862% of one (1) CNC Share.Spruce Ridge will be accounting for the distribution as a return of capital. The closing price of the CNC Shares on the date Spruce Ridge announced the Dividend was $0.92 and the price CNC Share on the Record Date was $0.94. 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.It is expected that certificates evidencing the CNC Shares paid under the Dividend will be delivered to shareholders of Spruce Ridge on or before September 4, 2020. For further information on the Dividend, please see the Company's news releases of June 23, 2020 and June 26, 2020 available under the Company's profile at www.sedar.com.About Spruce Ridge Resources Ltd. Spruce Ridge holds a 100% interest in the Great Burnt Copper-Gold Property in Central Newfoundland which covers a series of copper ± gold rich VMS deposits. Spruce Ridge Resources sold its interest in in the Crawford Nickel-Cobalt Sulphide project to Canada Nickel Company Inc. but retained ground which contains VMS and gold targets. In 2015, Spruce Ridge optioned its Viking/Kramer gold pro...