Telephone: 604.609.6182 | Facsimile: 604. 899.1240
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
NEWS RELEASE
Nickel North
Announces Debts Settlement
For Immediate Release
April
13
, 202
1
Nickel North Exploration Corp.
(
TSX Venture:
NNX) (the “
Company
” or “
Nickel North
”)
is
pleased to announce that
the Company
has
entered into
agreements to settle indebtedness of the
Company in the aggregate amount of
$
3
04,
420
.50
(the "
Debt
") by way of a shares for debt
transaction at a price of $0.05 per common share of the Company (a "
Share
") for a total aggregate
of
6
,0
88
,
41
0
Sha
res (the "
Debt Settlement
")
The Debt Settlement is subject to approval of the TSX Venture Exchange (the "
Exchange
"). All
Shares issued pursuant to the Debt Settlement will be subject to a four month hold period from the
date of issue.
The Company negotiat
ed the Debt Settlement with non
-
arm's length creditors. Pursuant to the Debt
Settlement and subject to approval by the Exchange, certain directors and officers of the Company
will participate in the Debt Settlement. Accordingly, the Debt Settlement will be
considered as a
"related party transaction" under
Multilateral Instrument 61
-
101
—
Protection of Minority Security
Holders in Special Transaction
("
MI 61
-
101
").
It is anticipated that the Debt Settlement will
not
result 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 i
s 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 inf
ormation on the company, please visit
www.nickelnorthexploration.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 responsibility for the adequacy or accuracy of
this release.
Disclaimer for Forward
-
Looking Statements
All statements, other th
an 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”, “pla
n”, “estimate”,
-
2
-
“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, s
tatements 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 act
ual 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 curr
ency 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
meetin
g 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.