Nickel 28 Cautions Shareholders to Take No Action IN Response to Significantly Undervalued, Highly Conditional and Predatory Mini-Tender Offer
NEWS RELEASE TSX VENTURE: NKL
FSE: 3JC0
NICKEL 28 CAUTIONS SHAREHOLDERS TO TAKE NO ACTION IN
RESPONSE TO SIGNIFICANTLY UNDERVALUED, HIGHLY
CONDITIONAL AND PREDATORY MINI-TENDER OFFER
• New York based hedge fund makes s ignificantly undervalued “mini-tender” offer that
seeks to strip shareholders of the true value of their investment ahead of a key inflection
point for the Company.
• Opportunistic tactic being made for the purpose of acquiring shares to influence a self -
serving agenda.
• Shareholders are advised to TAKE NO ACTION and NOT tender to this coercive and
predatory offer far below their investment’s future value.
TORONTO, ONTARIO, March 22, 2023 — Nickel 28 Capital Corp. (“ Nickel 28 ” or the
“Company”) (TSXV: NKL) (FSE: 3JC0) today issued the following statement in response to a
shareholder’s renewed effort to build a significant position at the expense of other shareholders’
interests through a significantly undervalued mini-tender offer.
Nickel 28 urges its shareholders to take no action in response to this shareholder’s “mini -
tender” at this time, and not to tender their shares and give away their voting rights to this
New York-based hedge fund.
Management and the board of directors (the “ Board”) will continue to defend shareholder value
and protect shareholders against other opportunistic or coercive actions that would harm
shareholder interests. Shareholders are cautioned that the press release accompanying the
shareholder’s “mini -tender” offer appears to contain a number of incomplete and misleading
statements and should be viewed with significant caution and skepticism.
“At a time when the global investment community is focused on seeking exposure to battery metals
as part of the adoption of electric vehicles a nd the pursuit of a low carbon future, Nickel 28
shareholders are uniquely positioned having a joint venture interest in a high quality, long life
producing nickel mine,” stated Anthony Milewski , Chairman of Nickel 28. “Moreover,
shareholders’ exposure to ongoing cash flows and return of capital will increase as the Ramu mine
continues to pay down debt and pay dividends to its stakeholders. We believe that the strategic
value of your shares will continue to grow, with significant re-rating potential for the shares.”
The Board is reviewing the shareholder’s documents together with its professional and legal
advisors and will respond in detail shortly.
Shareholders who have already tendered their shares can withdraw them at any time. Call
Kingsdale Advisors toll-free on 1-888-518-1557 or email [email protected] for
details.
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 13 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 ap plicable 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”, “sh ould”, “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 business and assets of th e Company
and its strategy going forward. Readers are cautioned not to place undue reliance on forward -
looking statements. 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 Contact:
Justin Cochrane, President
Tel: + 1 289 314 4766
Email: [email protected]