North American Nickel arranges 1:10 share rollback North American Nickel arranges 1:10 share rollback
2019-10-02 11:18 MT - News Release
Mr. Keith Morrison reports
NORTH AMERICAN NICKEL ANNOUNCES SHARE CONSOLIDATION
North American Nickel Inc.'s board of directors has approved a consolidation of the company's issued and outstanding common shares on the basis of 10 preconsolidation shares for one postconsolidated share. The purpose of the Consolidation is to facilitate the Company's ability to attract future financing and undertake prospective transactions. The effective date for the Consolidation will be October 4, 2019.
The Company currently has 787,928,500 Common Shares outstanding and if completed, the Consolidation would reduce the issued and outstanding Common Shares to approximately 78,792,850 Common Shares. The Consolidation has been approved by the TSX Venture Exchange (the "TSXV") and the Company's Common Shares will trade on a consolidated basis under the existing name and trading symbol NAN on October 4, 2019.
A letter of transmittal will be sent to registered shareholders providing instructions to surrender the certificates evidencing their Common Shares in exchange for replacement certificates representing the number of Common Shares to which they are entitled as a result of the Consolidation.
In early 2018, NAN initiated a strategy to assemble a diversified portfolio of highly prospective nickel-copper-cobalt projects that were located in countries with the Rule-of-Law and that should demonstrate sustainable economics assuming conservative long-term commodity prices. As a result of this work, NAN has acquired 3 new projects in Ontario which include: the Lingman Nickel Project, covering a portion of the Archean age Lingman Lake Greenstone Belt, three project areas in the Quetico region which is known to host intrusions with Ni-Cu-Co-PGM mineralization related to a late 2690 Ma Archean magmatic event (See news release dated May 15, 2019) and, most recently, the Company entered into an agreement to earn a 100% interest in the Loveland Nickel property. The Loveland Nickel property acquisition is subject to approval by the TSXV.
The Loveland Nickel Property is located 30 km northwest of Timmins and has year round access. The property is underlain by a mineralized differentiated mafic-ultramafic complex that is host to the historic Enid Creek showing. Recent analyses of a historic drill sample by the Ministry of Northern Development and Mines in Ontario returned 2.74% Ni, 1.3% Cu, 1.66ppm Pd. A VTEMMAX survey completed in 2017 identified several new and untested conductors. One of the targets extends for 950 m in strike length, and is located to the southeast along strike from the known mineralization. The exploration target is high grade mineralization located in a depression or embayment structure at the base of the intrusion.
These projects are now added to our existing portfolio in Sudbury including Post Creek and Halcyon as well as Maniitsoq, our flagship project on the southwest coast of Greenland.
NAN CEO, Keith Morrison, commented: "NAN believes it is an opportune time to be acquiring and advancing high quality nickel projects in stable political jurisdictions. We are continuing to generate and evaluate compelling nickel sulphide projects on a global basis. These Canadian projects are intended to be advanced and drilled on a priority basis this year."
Engagement and ongoing dialogue with the local First Nation groups is intended to occur as the 2019 scope of work is formalized.
About North American Nickel
North American Nickel is a mineral exploration company with 100% owned properties in Maniitsoq, Greenland and Ontario, Canada.
The Maniitsoq property in Greenland is a Camp scale permitted exploration project comprising 3,048 square km covering numerous high-grade nickel-copper + cobalt sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland Norite Belt (GNB). The greater than 75km-long belt is situated along, and near, the southwest coast of Greenland accessible from the existing Seqi deep water port with an all year-round shipping season and hydroelectric power potential from a quantified watershed.
We seek Safe Harbor.
© 2019 Canjex Publishing Ltd. All rights reserved.