Nickel 28 Announces TSXV Acceptance of Normal Course Issuer Bid
Nickel 28 Announces TSXV Acceptance of
Normal Course Issuer Bid
Toronto, Ontario--(Newsfile Corp. - July 24, 2024) - Nickel 28 Capital Corp.
(TSXV: NKL) (FSE: 3JC0)
("
Nickel 28
" or the "
Company
") is pleased to announce that the TSX Venture Exchange (the "
TSXV
")
has accepted the Company's notice to implement a normal course issuer bid ("
NCIB
") to purchase, for
cancellation, up to 7,153,629 of its common shares, representing approximately 7.9% of Nickel 28's
issued and outstanding common shares over a twelve month period commencing on July 26, 2024. The
NCIB will expire no later than July 25, 2025. Nickel 28 has appointed Haywood Securities Inc. to
administer the proposed NCIB on behalf of the Company.
"We are pleased to announce the TSXV's acceptance of Nickel 28's normal course issuer bid," stated
Christopher Wallace, President & Chief Executive Officer of the Company. "In the opinion of
management and the board of directors of Nickel 28, the common shares have recently continued to
trade in a price range that represents a substantial discount to the Company's net asset value and does
not reflect the underlying value of the Company, and implementation of this normal course issuer bid
represents an element of our newly adopted shareholder capital return policy to enhance shareholder
value creation," he said.
All common shares purchased by Nickel 28 will be purchased on the open market through the facilities of
the TSXV or alternative Canadian trading systems, in open market transactions or by such other means
as may be permitted under applicable securities laws. The actual number of common shares which may
be purchased, and the timing of such purchases, will be determined by Nickel 28. Decisions regarding
purchases will be based on market conditions, share price, best use of available cash, and other factors
as determined by the Board from time to time. Nickel 28 also intends to enter into an automatic
purchase plan which will allow for the purchase for cancellation of common shares, subject to certain
trading parameters, by Haywood Securities Inc. during times when Nickel 28 would ordinarily not be
active in the market due to applicable securities regulatory restrictions or self-imposed blackout periods.
Outside of these periods, the common shares will be repurchased by Nickel 28 at its discretion under
the NCIB.
As of July 24, 2024, the Company has 90,143,722 common shares issued and outstanding (after giving
effect to the previously announced cancellation of 4,965,222 common shares pursuant to the settlement
agreement announced June 18, 2024, which was completed effective July 18, 2024).
About Nickel 28
Nickel 28 Capital Corp. is a nickel-cobalt producer through its 8.56% joint-venture interest in the
producing, long-life and world-class Ramu Nickel-Cobalt Operation located in Papua New Guinea.
Ramu provides Nickel 28 with significant attributable nickel and cobalt production thereby offering our
shareholders direct exposure to two metals which are critical to the adoption of electric vehicles. In
addition, Nickel 28 manages a portfolio of 10 nickel and cobalt royalties on development and exploration
projects in Canada, Australia and Papua New Guinea.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain information which constitutes 'forward-looking statements' and
'forward-looking information' within the meaning of applicable Canadian securities laws. Any statements
that are contained in this news release that are not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking statements are often identified by terms such as "may",
"should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar
expressions. Forward-looking statements in this news release include, but are not limited to: statements
with respect to the proposed NCIB and related automatic share purchase plan (including relating to the
number of common shares to be repurchased); statements with respect to the net asset value of the
Company; statements with respect to the shareholder capital return policy; and statements with respect
to the business and assets of Nickel 28 and its strategy going forward. Forward-looking statements
involve known and unknown risks and uncertainties, most of which are beyond the Company's control.
Should one or more of the risks or uncertainties underlying these forward-looking statements materialize,
or should assumptions underlying the forward-looking statements prove incorrect, actual results,
performance or achievements could vary materially from those expressed or implied by the forward-
looking statements.
The forward-looking statements contained herein are made as of the date of this release and, other than
as required by applicable securities laws, the Company does not assume any obligation to update or
revise them to reflect new events or circumstances. The forward-looking statements contained in this
release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release. No securities regulatory authority has either approved or
disapproved of the contents of this news release.
Investor Relations Contact Information
:
Nickel 28 Investor Relations
Attn: Brett A. Richards, Director
Tel: +1 905 449 1500
Email:
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/217575