Class 1 Nickel (NICO) has issued 50,000 shares and granted 50,000 stock options to the Matachewan First Nation.
The options are each exercisable to acquire one Class 1 common share for $0.87 until February 9, 2023.
The options vest as follows:
- 15 per cent on the date of grant
- 20 per cent on September 3, 2021
- 25 per cent on March 3, 2022
- 40 per cent on September 3, 2022
Class 1 Nickel issued the payment in recognition of traditional Matachewan values and in the name of establishing a mutually beneficial relationship surrounding the Alexo-Dundonald Nickel Project.
The historic northern Ontario First Nation will also benefit from business opportunities, employment and training, and consultation on environmental matters.
The community is located 30 km southeast of Matachewan and 60 km west of Kirkland Lake.
Class 1 Nickel is developing mineral properties in Ontario and Quebec.
Class 1 Nickel (NICO) closed unchanged trading at $0.37 per share.