Murchison Minerals is Granted Conditional Approval by the TSXV for the Early Warrant Incentive Program and Confirms Insiders Participation
News Release
Murchison Minerals is Granted Conditional Approval by the
TSXV for the Early Warrant Incentive Program and Confirms
Insiders Participation
March 23rd, 2022 (Burlington, ON): Murchison Minerals Ltd. (“Murchison” or the “Company”)
(TSXV: MUR, OTCQB: MURMF) is pleased to announce that, following the press release dated
March 17, 2022, the TSXV has provided conditional approval of the Early Warrant Incentive
Program (the “Program“). The terms and conditions of the Program and the method of exercising
Warrants pursuant to the Program are set forth in a letter which has been posted on SEDAR and
is available on the Company’s website at : https://murchisonminerals.ca/corporate-filings-and-
presentation/#financials
Insider Participation:
Board of Director Member, and Murchison’s largest shareholder, Mr. Donald K. Johnson O.C.
holds 8,454,000 Warrants representing approximately 30% of the total outstanding and President
and CEO Mr. Troy Boisjoli holds 852,550 Warrants. Both have now confirmed they will be
participating in the Program and will be exercising all their respective Warrants that are due to
expire this fall. The total gross proceeds from the exercising of these Warrants are CAD
$1,116,786.
The exercise of Warrants by Mr. Johnson and Mr. Boisjoli will constitute a “related party
transaction” as defined in Multilateral Instrument 61-101 – Protection of Minority Securityholders
in Special Transactions (“MI 61-101”). As insiders of the Company, they will acquire an aggregate
of 9,306,550 common shares following the exercise of Warrants and acquire 4,653,275 new
Warrants i n the process. The Company will be relying on exemptions from the valuation and
minority shareholder approval requirements of MI 61 -101 contained in sections 5.5(a) and
5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Program by insiders will
not exceed 25% of the market capitalization of the Company, as determined in accordance with
MI 61 -101. The Company will file a material change report in respect of the related party
transaction following the exercise of Warrants under the Program.
As previously announced, the Program is designed to encourage the early exercise of up to
27,118,788 of its outstanding unlisted Warrants (the “Warrants“) exercisable for common shares
of the Company (“ Common Shares “). The Warrants are currently exercisable as follows: (i)
5,000,000 Warrants at a price of $0.12 per Common Share expiring on September 5, 2022; and (ii)
22,118,788 Warrants at a price of $0.12 expiring on October 21, 2022.
Under the Program, the Company will issue to each Warrant holder that exercises their Warrants
between March 17 and April 15, 2022 (the “ Early Exercise Period “), one -half of an additional
common share purchase warrant (each whole warrant, an “Incentive Warrant“) for each warrant
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MURCHISON MINERALS LTD. NEWS RELEASE
early exercised. Each Incentive Warrant will entitle the holder to purchase one additional Common
Share until April 15, 2023, at a price of $0.18. The Program commenced on March 17, 2022 and
will expire on April 15, 2022, at 4:00 p.m. (Toronto time) (the “ Early Exercise Expiry Date“). Any
Warrants that are not exercised prior to the Early Exercise Expiry Date will remain outstanding and
continue to be exercisable for Common Shares on their existing terms.
The Incentive Warrants will be subject to a four month hold period from the date of issuance. The
transaction is subject to the receipt of all final regulatory approvals, including the final approval
of the TSXV. The underlying Common Shares and Incentive Shares to be issued pursuant to the
exercise of the Warrants have not been, and will not be, registered under the U.S. Securities Act
or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for
the account or benefit of, United States persons absent registration or any applicable exemption
from the registration requirements of the U.S. Securities Act and applicable U.S. state securities
laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy
securities in the United States, nor in any other jurisdiction.
About the HPM Project
The HPM Project is located east of the Manicouagan structure, the site of a major 215 Ma impact
event. The extensive reservoir at Manicouagan supports five hydro -power plants. The existing
Quebec Cartier rail line, located eight kilometres west of the PYC project area, links Labrador City
to Port Cartier and Sept Iles, two major iron ore port facilities.
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MURCHISON MINERALS LTD. NEWS RELEASE
Figure 1: HPM Location Map
The Project is located within the Haut- Plateau de la Manicouagan area. The claims host
prospective gabbroic, ultramafic and anorthositic rock bodies within the Manicouagan
metamorphic complex and are associated with significant nickel -copper-cobalt sulphide
mineralization first identified by Falconbridge in 1999, and discovered extensive nickel -bearing
sulphide mineralization at Barre de Fer during drilling in 2001 - 2002. Pure Nickel and Murchison
Minerals Ltd.’s predecessor – Manicouagan Minerals – continued drilling in the area until 2008.
The majority of the past drilling at the HPM Project targeted the Barre de Fer geophysical
conductor and confirmed the presence of nickel -copper-cobalt sulphide mineralization over
approximately 300 metres strike length to a depth of 280 metres. The mineralization remains
open at depth and partially along strike.
After Murchison Minerals Ltd. acquired 100% ownership of the property in 2019, the Company
has focused exploration work on the camp -scale potential of the region. Aerial E M surveys
completed in the spring of 2021 identified more than 50 anomalous conductors. Prospecting
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MURCHISON MINERALS LTD. NEWS RELEASE
crews were able to traverse five of the more than 50 anomalies and discovered new outcrops of
nickel-bearing sulphide mineralization in the process. The prospecting program was followed by
an inaugural drill program at the PYC target area – an EM anomaly with a 1.95 km strike length.
Subsequent to the completion of the drill program at PYC, the Company increased its dominant
land position in the Haut-Plateau region from 139 km2 to 576 km2.
Qualifying Statement
The foregoing scientific and technical disclosures on the HPM Project have been reviewed by
John Shmyr, P.Geo., VP Exploration, a registered member of the Professional Engineers and
Geoscientists of Saskatchewan and current holder of a special authorization with the Ordre des
Géologues du Québec. Mr. Shmyr is a Qualified Person as defined by National Instrument 43-101.
About Murchison Minerals Ltd. (TSXV: MUR)
Murchison is a Canadian‐based exploration company focused on nickel -copper-cobalt
exploration at the 100% - owned HPM Project in Quebec and the exploration and development of
the 100% - owned Brabant Lake zinc‐copper‐silver project in north‐central Saskatc hewan. The
Company also holds an option to earn 100% interest in the Barraute VMS exploration project also
located in Quebec, north of Val d’Or. Murchison currently has 160 .6 million shares issued and
outstanding.
Additional information about Murchison an d its exploration projects can be found on the
Company’s website at www.murchisonminerals.ca . For further information, please contact:
Troy Boisjoli, President and CEO or
Erik H Martin, CFO
Tel: (416) 350‐3776
CHF Capital Markets
Thomas Do, IR Manager
Tel: (416) 868-1079 x 232
Forward‐Looking Information
Certain information set forth in this news release may contain forward‐looking information that involves substantial known an d unknown risks and
uncertainties. This forward‐looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company,
including, but not limited to, the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals. Readers are
cautioned that the assumptions used i n the preparation of such information, although considered reasonable at the time of preparation, may prove to be
imprecise and, as such, undue reliance should not be placed on forward‐looking information. The parties undertake no obligati on to update forward‐looking
information except as otherwise may be required by applicable securities law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exc hange) accepts responsibility
for the adequacy or accuracy of this release.