SHL OWNS 5.7 MILLION COMMON SHARES OF CNC Aug 17 th newswire
Once a 70% interest in the Property is earned by Benton, the Property will be operated as a participating joint venture.
Commenting on the LOI, Steve Balch interim President and CEO, explained that “Spruce is very pleased to be partnering with Benton, a well-know exploration company with deep roots in Newfoundland. This agreement forms part of our plan to diversify our property obligations while acquiring additional critical mineral resources through a combination of expertise and leverage of our security portfolio including our 5.7 million common shares of Canada Nickel Company Inc. (TSXV: CNC). We see this as a good time to expand and diversify our asset base.”
The transaction is subject to due diligence by both parties which is ongoing and is subject to approval by the TSXV.