Business
Tartisan Nickel Closes the Sale of the Alexo-Kelex Nickel Project to Vanicom Resources Limited of Perth, Western Australia
TORONTO, ON / ACCESSWIRE / October 25, 2018 / Tartisan Nickel Corp. (CSE: TN, FSE: A2DPCM) ("Tartisan", or the "Company") is pleased to announce that the Compan
About this update from Tartisan Nickel Corp.
[{"type":"text","content":"TORONTO, ON / ACCESSWIRE / October 25, 2018 / Tartisan Nickel Corp. (CSE: TN, FSE: A2DPCM) (\"Tartisan\", or the \"Company\") is pleased to announce that the Company has signed a Definitive Purchase Agreement with VaniCom Resources Limited (“VaniCom”) of Perth, Western Australia for the sale of a 100% interest in the Alexo-Kelex Nickel Project located near Timmins, Ontario. The purchase terms included the initial payment of C$50,000 by VaniCom to the Company on signing the Binding Letter of Intent with a further payment of C$100,000 to the Company on signing the Definitive Purchase Agreement. In addition, VaniCom has undertaken to issue to Tartisan 1,750,000 common shares in the capital of VaniCom Resources Limited with a deemed value of C$350,000 and subject to a six month lock-up provision. Tartisan will also receive a 0.5% Net Smelter Return Royalty on any future production from the Alexo-Kelex Nickel Deposit. VaniCom has the right to purchase the Royalty for $1,000,000. The Definitive Purchase Agreement also includes a requirement that VaniCom incur at least C$750,000.00 on exploration and development on the Alexo-Kelex over a 36-month period. Tartisan Nickel will also be entitled to receive a cash rebate from the Financial Assurance associated with the Reclamation Bond proceeds of up to approximately C$230,000 through a formal application process with the Ministry of Energy, Northern Development and Mines. Tartisan CEO Mark Appleby commented, \"We have concluded the sale of the Alexo-Kelex Nickel Project to VaniCom Resources Limited. The monetization of the Alexo-Kelex, a non-core asset, brings value to our shareholders, while retaining upside on the asset. Furthering the Alexo asset, while avoiding dilution and receiving cash and securities, will allow us to focus on the Kenbridge Deposit and other initiatives in an otherwise challenging mining environment. We are pleased to be working with VaniCom\". The Alexo-Kelex Project produced 30,138 tonnes of ore averaging 1.92% nickel containing 1.3 million pounds of nickel in 2004 and 2005. Historically, the Alexo Deposit produced an additional 57,000 tonnes at 3.6% nickel for a total of 4.5 million pounds of contained nickel. The Alexo-Kelex Project contains an NI 43-101 compliant resource of some 243,000 tonnes of 1.08% nickel for a contained 5.775 million pounds of nickel. The...