Facsimile: 604. 899.1240 AC/8486435.1
Nickel North Exploration Corp.
NNX | TSX Venture Exchange
www.nickelnorthexploration.com
Suite
890
,
580 Hornby
Street, Vancouver,
British Columbia, V
7C
2E7
, Canada
Telephone: 604.609.6182 |
Facsimile: 604.
899.1240
AC/8486435.1
NEWS RELEASE
Nickel North
Completes
Debts Settlement
For Immediate Release
February
7
, 202
2
Nickel North Exploration Corp.
(
TSX Venture:
NNX) (the “
Company
” or “
Nickel North
”)
is
pleased to announce that
the Company
has
issued 3,287,500 shares to various creditors
to settle
indebtedness of the Company in the aggregate amount of
$
164
,
375
(the "
Debt
") by way of a shares
for debt transaction
(the "
Debt Settlement
")
at a price of $0.05 per common share of the Company
.
The D
ebt Settlement
has received
approval of the TSX Venture Exchange (the "
Exchange
"). All
s
hares issued pursuant to the Debt Settlement
are
subject to a four month hold period
and the Debt
has been extinguished
.
The Company negotiated the Debt
Settlement with non
-
arm's length creditors. Pursuant to the Debt
Settlement
,
certain directors and officers of the Company participate
d
in the Debt Settlement.
Accordingly, the Debt Settlement
is
considered as a "related party transaction" under
Multilater
al
Instrument 61
-
101
—
Protection of Minority Security Holders in Special Transaction
("
MI 61
-
101
").
T
he Debt Settlement
has
not
result
ed
in the creation of a new control person of the Company
.
The
Debt Settlement
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)
(
a
)
and (b)
of MI 61
-
101.
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 conscien
tious
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.nickelnorthe
xploration.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 responsi
bility for the adequacy or accuracy of
this release.
Disclaimer for Forward
-
Looking Statements
All statements, other than statement of historical fact, included herein are forward
-
looking
statements that are subject to risks and uncertainties. Forward
-
looking statements are often, but
not always, identified by the use of words such as “seek”, “anti
cipate”, “believe”, “plan”, “estimate”,
“expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could”
or “might” occur or be achieved and other similar expressions. Forward
-
looking statements in this
-
2
-
AC/8486435.1
news release
include, among others, statements concerning the Lender’s advance to the Company
under the Amendment and the Company’s use of proceeds of the Amendment. Forward
-
looking
statements are subject to business and economic risks and uncertainties and other fact
ors that
could cause actual results of operations to differ materially from those contained in the forward
-
looking statements.
F
orward
-
looking statements are based on estimates and opinions of
management at the date the statements are made. The Company do
es not undertake any obligation
to update forward
-
looking statements except as required by applicable securities laws. Investors
should not place undue reliance on forward
-
looking statements.