Shareholder Approval of RTO: The disinterested shareholders of NAN have approved the RTO by way of a resolution passed in writing pursuant to the policies of the
Filing of Filing Statement: NAN and PNR have finalized and filed a filing statement dated
Closing of RTO: Subject to the satisfaction or waiver of the remaining conditions precedent to the RTO, NAN and PNR expect the RTO to close during the first week of
In this news release, references to the 'Resulting Issuer' are to NAN after the closing of the RTO. As certain directors and officers of NAN are also directors and officers of PNR, the Amalgamation Agreement is considered as a 'Non-Arm's Length' agreement pursuant to the policies of the Exchange.
Additional Background to RTO
The RTO will be completed by way of a three-cornered amalgamation (the 'Amalgamation') between a wholly-owned subsidiary of NAN and PNR to form one corporation. NAN will change its name to 'Premium Nickel Resources Ltd.' and will be the Resulting Issuer. The securityholders of PNR will receive securities of the Resulting Issuer in exchange for their securities of PNR at an exchange ratio of 1.054 common shares of the Resulting Issuer for each outstanding share of PNR after giving effect to the consolidation event of NAN's common shares on the basis of one post-consolidation common share for each five (5) pre-consolidation common shares (the 'Consolidation'). The transactions will result in a RTO of NAN in accordance with the policies of the Exchange, all in the manner contemplated by, and pursuant to, the terms and conditions of the amalgamation agreement dated
About
The Maniitsoq property in
NAN acquired 100% ownership of property near the southern extent of the Lingman Lake Greenstone Belt in northwest
About
PNR is a Canadian company dedicated to the exploration and development of high-quality Ni-Cu-Co resources. PNR believes that the medium to long-term demand for these metals will grow through continued global urbanization and the increasing replacement of internal combustion engines with electric motors. Importantly, these metals are key to a low-carbon future.
PNR maintains a skilled team with strong financial, technical and operational expertise to take an asset from discovery to exploration to mining.
PNR has focused its efforts on discovering world class nickel sulphide assets in jurisdictions with rule-of-law that fit a strict criteria that comply with PNR's values and principles which stand up against the highest acceptable industry standards. PNR is committed to governance through transparent accountability and open communication within our team and our stakeholders.
PNR closed its acquisition of the
The proposed work plan for the
Contact:
Vice President Corporate Affairs
T: +1 (604) 770-4334
Director and Chair of the PNR Special Committee
E: info@premiumnickelresources.ca
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this news release may be considered 'forward?looking statements' within the meaning of applicable Canadian securities laws, including the timing and ability of NAN and PNR to complete the RTO (if at all); the timing and ability of the common shares of the Resulting Issuer to begin trading on the Exchange (if at all); the ability of NAN and PNR to satisfy or waive the conditions precedent to completing the RTO (if at all); and the business and prospects of the Resulting Issuer. These forward?looking statements, by their nature, require NAN and PNR to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward?looking statements. Forward?looking statements are not guarantees of performance. Words such as 'may', 'will', 'would', 'could', 'expect', 'believe', 'plan', 'anticipate', 'intend', 'estimate', 'continue', or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward?looking statements. Information contained in forward?looking statements, including with respect to the ability to satisfy or waive on satisfactory terms any conditions to the completion of the RTO (including but not limited to any required regulatory approvals), timeline to complete the RTO (if at all), the anticipated benefits of the RTO, the anticipated use of the available funds and working capital of the Resulting Issuer, the ability to satisfy or waive on satisfactory terms any conditions to the completion of the Selkirk Acquisition, timeline to complete the Selkirk Acquisition (if at all), and the anticipated work program on the
For additional information with respect to these and other factors and assumptions underlying the forward?looking statements made in this news release concerning NAN, see the section entitled 'Risks and Uncertainties' in the most recent management discussion and analysis of NAN which is filed with the Canadian securities commissions and available electronically under NAN's issuer profile on SEDAR (www.sedar.com) and the risk factors outlined in the Filing Statement, which are available electronically on SEDAR (www.sedar.com) under NAN's issuer profile. The forward? looking statements set forth herein concerning NAN and PNR reflect management's expectations as at the date of this news release and are subject to change after such date. NAN and PNR disclaim any intention or obligation to update or revise any forward?looking statements, whether as a result of new information, future events or otherwise, other than as required by law.
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