Nickel Industries Limited entered into a new conditional share sale and purchase agreement to acquire Cyclops nickel-cobalt project from Bolt Metals Corp. for $7 million.

Nickel Industries Limited (ASX:NIC) entered into a new conditional share sale and purchase agreement to acquire Cyclops nickel-cobalt project from Bolt Metals Corp. (CNSX:BOLT) for $7 million on April 20, 2023. If the shareholders of the Company do not approve the Transaction, NIL NIL may elect to terminate the NIL Agreement and receive a cash payment of $0.25 million and will have the right to acquire a 45% interest in the Cyclops Project for total net consideration of $0.5 million and additional consideration of $0.98 million to underlying Cyclops Project owners.

Completion of the Transaction is subject to customary due diligence, regulatory and shareholder approval and the successful reinstatement and extension of the IUP for the Cyclops Project.