TORONTO, Feb. 26, 2020 /CNW/ – Canada Nickel Company Inc. (TSX-V:CNC) (“Canada Nickel” or the “Company”) is pleased to announce that its common shares have been approved for listing on the TSX Venture Exchange under the symbol TSX-V:CNC. Canada Nickel expects that its common shares (the “Common Shares“) will commence trading effective at the open of markets on February 27, 2020.
As announced by Noble Mineral Exploration Inc. (“Noble“) on November 28, 2019, the Company entered into a definitive agreement to facilitate the transfer of the Crawford Nickel-Cobalt project to the Company for consideration of $2,000,000 cash and 12,000,000 Common Shares (the “Noble Consideration Shares“) paid to Noble and 20,000,000 Common Shares issued to Spruce Ridge Resources Ltd.
Pursuant to an arrangement agreement between Noble and Canada Nickel, the Company has been advised that Noble has completed the plan of arrangement, the primary result of which was the distribution of 10,000,000 Noble Consideration Shares to the shareholders of Noble effective February 25, 2020.
“This is an exciting time to be launching an entirely new pure play nickel-cobalt company as the global demand for electric vehicle battery components shifts into high gear. We believe that our Crawford Nickel-Cobalt project could be one of the only new nickel projects globally with large scale potential. The Canada Nickel team is leveraging the project’s excellent location and infrastructure, and our team’s extensive project, industry and capital market experience and insights in advancing large scale nickel-cobalt projects. With exploration activities well underway, we expect a steady stream of news flow.”
Mark Selby, Chairman and CEO of Canada Nickel
The Crawford Nickel-Cobalt project is located in the heart of the prolific Timmins-Cochrane mining camp in Ontario, Canada, and is adjacent to well-established, major infrastructure associated with 100 years of regional mining activity.
“Trading our shares on the TSX Venture Exchange will raise Canada Nickel’s profile by diversifying our shareholder base and enhancing share liquidity in support of our Company’s long-term objectives. Qualifying to trade on the TSX Venture Exchange reflects our commitment to holding our Company to the highest standards of disclosure, corporate governance, and compliance”
Mark Selby, Chairman and CEO of Canada Nickel
For more details on the Company, please refer to its Form 2B Listing Application, which was posted on SEDAR on February 20, 2020.
The Company would also like to announce that on February 21, 2020, Canada Nickel completed a private placement and issued 3,074,333 Common Shares at a price of $0.25 for aggregate gross proceeds of $768,583. As at the date of listing, 57,000,000 Common Shares will be issued and outstanding, of which 47,000,000 Common Shares will be subject to statutory resale restrictions.
About Canada Nickel Company
Canada Nickel Company Inc. is advancing the next generation of nickel-cobalt sulphide projects to deliver nickel and cobalt required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel provides investors with leverage to nickel and cobalt in low political risk jurisdictions in a geopolitically stable jurisdiction Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt project in the heart of the prolific Timmins-Cochrane mining camp.
For more information please visit: https://canadanickel.com/
