Business
Spruce Ridge Sells its Interest in the Crawford Nickel-Cobalt Sulphide Project
Not for Distribution to U.S. Newswire Services or for Release, Publi...
About this update from Homeland Nickel Inc
[{"type":"text","content":"Spruce Ridge Sells its Interest in the Crawford Nickel-Cobalt Sulphide ProjectNot 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 / February 19, 2020 / Spruce Ridge Resources Ltd. (TSXV:SHL) - (\"Spruce Ridge\" or the \"Company\") is pleased to announce that further to its news release of October 1, 2019, the Company has entered into an agreement (the \"Termination Agreement\") with Noble Mineral Exploration Inc. (\"Noble\") and Canada Nickel Company Inc. (\"Canada Nickel\") to terminate the option and joint venture agreement dated May 4, 2018 (the \"Crawford JV Agreement\") between the Company and Noble. The Crawford JV Agreement is subject to an amendment between the Company and certain private investors (the \"Investors\") dated September 9, 2018 (the \"Investor Agreement\").In conjunction with the entering of the Termination Agreement, the Company has also entered into an agreement with Investors to terminate the Investor Agreement (the \"Investors Termination Agreement\").The Crawford JV AgreementUnder the Crawford JV Agreement, as amended by the Investor Agreement, Spruce has the right, subject to the terms and conditions thereof, to earn up to a 75% undivided interest in the Crawford project and the Investors have the right to earn up to a 37.5% undivided interest in the Crawford project (with Spruce retaining a 37.5% undivided interest therein). For a more detailed description of the Crawford JV Agreement and the Investor Agreement, please refer to Noble news release dated May 8, 2018 and Spruce Ridge release dated September 27, 2018 (both available under the applicable corporate profiles on www.sedar.com).The Termination Agreement and Investors Termination Agreement Pursuant to the Termination Agreement, Noble, Canada Nickel and the Company have agreed to terminate the Crawford JV Agreement on the following terms (the \"Termination Agreement Terms\"):Noble is issuing a $1,000,000 promissory note to Spruce Ridge and 10,000,000 units of Noble to Spruce Ridge. Each Noble unit is comprised of one common share and one half of one common share purchase warrant, each whole warrant exercisable for three years from the date of issuance at a price of $0.15 per common share of No...