Telephone: 604.609.6182 | Facsimile: 604. 899.1240 AC/7787973.1
Nickel North Exploration Corp. NNX | TSX Venture Exchange www.nickelnorthexploration.com [email protected]
NEWS RELEASE Nickel North Announces New Loan
For Immediate Release February 12, 2021
Nickel North Exploration Corp. (TSX Venture: NNX) (the “Company” or “Nickel North”) wishes to announce that the Company has entered into a loan agreement (the “Loan Agreement”) with SinoTech (Hong Kong) Corporation Limited (the “Lender”) for a loan to the Company in the principal amount of $100,000 (the “Principal Amount”) for a term of one (1) year. The Principal Amount will bear interest at a fixed rate of 10% per annum.
The Lender is a wholly-owned subsidiary of Sinotech Minerals Exploration Co., Ltd. ("Sinotech Minerals Exploration"). Sinotech Minerals Exploration is a majority owner of Beijing Donia Resources Co., Ltd., which wholly-owns Goldrock Resources Corporation Limited ("Goldrock"). Goldrock and the Lender together, own approximately 62.8% of the issued and outstanding common shares of the Company.
The Loan Agreement is considered a “related party transaction” under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Loan Agreement is exempt from the requirements to obtain a formal valuation pursuant to the exemption in section 5.5(b) of MI 61-101, as the Company is not listed on a specified market, and is exempt from minority shareholder approval pursuant to section 5.7(1)(f) of MI 61-101, as the Loan Agreement does not have an equity or voting component and is on reasonable commercial terms that are not less advantageous to the Company than if the Loan Agreement were obtained from an arm's length party.
About Nickel North Exploration Corp.
Nickel North Exploration is a Canadian based explorer focused on defining a Ni-Cu-PGE resource at our Hawk Ridge Project in Northern Quebec. The board of directors, advisor committee and management team are experienced, successful mine finders. The property consists of a 50 km long belt of magmatic Ni-Cu-PGE occurrences covering over 30,658 hectares. The project is located near tidewater. Quebec is a mining friendly jurisdiction. Nickel North Exploration is a conscientious corporate citizen, maintains good relations with Communities and Aboriginal people, and is committed to sustainable development. For more information on the company, please visit www.nickelnorthexploration.com.
On behalf of Nickel North Exploration Corp.
“SIGNED”
Yingting (Tony) Guo, President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Suite 890, 580 Hornby Street, Vancouver, British Columbia, V7C 2E7, Canada Telephone: 604.609.6182 | Facsimile: 604.899.1240 AC/7787973.1