Cash Position Getting Stronger Was just reading about some positive developments happening over at Canada Nickel (Article Here) and it reminded me that LME optioned our Midlothian and Doon property to them back in Nov 2021 and we have a series of scheduled payments incoming.
Sure enough, our next option payment is scheduled to come in on Feb 19, 2024. LME will be receiving a cash payment of $60,000 as well as 21,000 shares of Canada Nickel (symbol CNC). Shares are currently trading at $1.46 so the 21,000 shares we will receive have a fair value of about $30,660. Between the cash payment and shares received, that’s $90,660 being added to the LME treasury.
Another payment is scheduled for November 19, 2024. LME will be receiving a cash payment of $90,000 as well as 21,000 shares of Canada Nickel (symbol CNC). Shares are currently trading at $1.46 so the 31,500 shares we will receive have a fair value of about $45,990. Between the cash payment and shares received, that’s $135,990 scheduled to be added to the LME treasury.
The final payment is scheduled for November 19, 2025. LME will be receiving a cash payment of $120,000 as well as 21,000 shares of Canada Nickel (symbol CNC). Shares are currently trading at $1.46 so the 42,000 shares we will receive have a fair value of about $61,320. Between the cash payment and shares received, that’s $135,990 scheduled to be added to the LME treasury.
It's nice to have non-dilutive money coming in from monitizing non-core assets as we focus on our 2024 drilling/exploration campaign.