Nickel North Extends and Increases Loan
Nickel North Extends and Increases Loan
VANCOUVER, British Columbia, June 28, 2017 (GLOBE NEWSWIRE) -- Nickel North Exploration Corp.
(TSX-V:NNX) (the “Company” or “Nickel North ”) is pleased to announce that the Company has entered
into an amendment agreement (the “Amendment ”) with SinoTech (Hong Kong) Corporation Limited (the
“Lender ”) to further extend the repayment term of the loan to the Company to June 30, 2018, while also
increasing the principal amount of the loan to $600,000 (the “Principal Amount ”). The Principal Amount
comprises the initial amount of the loan, interest accrued on the loan, and the remaining amount that will be
advanced to the Company. The Principal will bear interest at a fixed rate of 8% per annum. All other terms
and conditions of initial loan agreement between the Company and the Lender dated November 2, 2016
remain in force and are unamended except to the extent amended by the parties.
The proceeds of the Amendment are expected to be used by the Company for the daily operation and
paying the current liabilities.
The Amendment is considered a “related party transaction ” under Multilateral Instrument 61 -101 Protection
of Minority Security Holders in Special Transactions ( “MI 61 -101”). The Amendment 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 Amendment 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 Amendment 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.
About SinoTech (Hong Kong) Corporation Limited
SinoTech is a wholly -owned subsidiary of Sinotech Minerals Exploration Co., Ltd. ( “Sinotech Minerals
Exploration ”). Sinotech owns 48,071,860 common shares of the Company, representing approximately
62.8% of the issued and outstanding common shares of the Company.
On behalf of Nickel North Exploration Corp.
“SIGNED”
Andrew Lee Smith, Interim 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.
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”, “anticipate”, “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 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 factors that could cause actual results of operations to differ materially
from those contained in the forward -looking statements. Important factors that could cause actual results
to differ materially from the Company ’s expectations include fluctuations in commodity prices and currency
exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade
of mineral deposits; the need for cooperation of government agencies and native groups in the exploration
and development of properties and the issuance of required permits; the need to obtain additional
financing to develop properties and uncertainty as to the availability and terms of future financing; the
possibility of delay in exploration or development programs and uncertainty of meeting anticipated program
milestones; and uncertainty as to timely availability of permits and other governmental approvals.
Forward-looking statements are based on estimates and opinions of management at the date the
statements are made. The Company does 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.
Nickel North Exploration Corp.
NNX | TSX Venture Exchange
www.nickelnorthexploration.com