Telephone: 604.609.6182 | Facsimile: 604. 899.1240 AC/7787973.1
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/7787973.1
NEWS RELEASE
Nickel North Announces
New Loan
For Immediate Release
February 12, 2021
Nickel North Exploration Corp.
(TSX Venture: NNX) (the “
Company
” or “
Nickel North
”)
wishes to
announce that
t
he
Company has entered into a loan
agreement (the “
Loan Agreement
”) with SinoTech
(Hong Kong) Corporation Limited (the “
Lender
”) for a loan to the Company in the principal amount of
$
10
0,000 (the “
Principal A
mount
”) for a term of one (1) year
.
The Principal Amount will
bear interest at
a
fixed rate of
10
% per annum.
The Lender is a wholly
-
owned subsidiary of Sinotech Minerals Exploration Co., Ltd. ("
Sinotech Minerals
Exploration
"). Sinotech Minerals Exploration is a majority owner of Beijing
Donia Resources Co., Ltd.,
which wholly
-
owns Goldrock Resources Corporation Limited ("
Goldrock
"). Goldrock and the Lender
together, own
approximately
62.8%
o
f the issued and outstanding common shares of the Company.
The
Loan Agreement
is considered a “related party transaction” under Multilateral Instrument 61
-
101
Protection of Minority Security Holders in Special Tran
sactions
(“
MI 61
-
101
”).
The
Loan Agreement
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
Loan Agreement
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
Loan Agreement
were obtained from an arm's length party
.
About Nickel North Explorati
on 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 t
he 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.