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Transition Metals Acquires Advanced Stage Ni-Cu-PGM Projects
Transition Metals Acquires Advanced Stage Ni-Cu-PGM Projects Transition Metals Acq...
About this update from Transition Metals Corp.
[{"type":"text","content":"\n\n\n\nTransition Metals Acquires Advanced Stage Ni-Cu-PGM Projects\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n\n\n\n\n\n\nTransition Metals Acquires Advanced Stage Ni-Cu-PGM Projects\nCanada NewsWire\nSUDBURY, ON, Jan. 25, 2016\n\n\n\n\n\n\nSUDBURY, ON, Jan. 25, 2016 /CNW/ - Transition Metals Corp. (XTM – TSX.V) (\"TMC\" or \"the Company\"), is pleased to announce the acquisition of all of the former exploration and development assets of First Nickel Inc. The purchase includes approximately 1,100 hectares of leased and patented mining and surface rights property and 7,591 hectares of mining claims, including projects with defined historical NI 43-101 nickel, copper and platinum group metal (PGM) resources located in the Sudbury and Timmins areas. The properties were purchased pursuant to an asset purchase agreement between the Company and the court-appointed Receiver of First Nickel Inc. (the \"Receiver\").  The Receiver has obtained a vesting order from the court and confirmation of closing is expected on or about January 25, 2016.  The Company has agreed to pay consideration of $100,000 cash and 980,392 common shares of the Company at a price per share of $0.102, representing a value of $100,000 based on the 20 day trading weighted average share price.\n\nCompany CEO and president, Scott McLean commented, \"We are very excited about the transaction and in particular the low cost acquisition of nickel resources associated with the Lockerby East and West Graham Properties.  In reviewing the opportunity, our exploration team quickly recognized the significant potential for Ni-Cu-PGM mineralization on unexplored portions of the SIC basal contact and footwall of the property which are not subject to the Lockerby Mine closure plan.  These properties come to the Company unencumbered by prior agreements, royalties or off-take arrangements and are located just 8 kilometres northeast of Company subsidiary, Sudbury Platinum Corporation's (SPC) flagship Aer-Kidd project.\"\n\nAbout the Lockerby East and West Graham Property\n...