Vancouver, British Columbia, August 16, 2024 – Nickel North Exploration Corp. ("Nickel North" or the "Company") (TSX-V: NNX) is pleased to announce the results of its 2024 annual meeting of shareholders (the "Meeting") held on August 15, 2024. Shareholders approved all items of business put forth at the Meeting.
Election of Directors
The number of directors of the Company to be elected at the Meeting was fixed at four. Dr. Jingbin Wang, Andrew Lee Smith, Yingting (Tony) Guo, and Julie Lemieux were elected as directors of the Company.
Appointment of Auditor
Shareholders also approved the appointment of MNP LLP, Chartered Professional Accountants, as Nickel North's auditor for the ensuing year or until their successor is appointed and the directors were to authorize to fix the auditor's remuneration.
Stock Option Plan
Shareholders approved the Company’s Stock Option Plan, which the Company will file with the TSX Venture Exchange (the “Exchange”) for its approval pursuant to Exchange policies.
Letter of Intent with 1844 Resources Inc.
Nickel North also wishes to provide further information on the Letter of Intent (the “LOI”) with 1844 Resources Inc. (“1844”) announced on August 13, 2024 (the “August 13 News Release”). All capitalized terms will have the same definitions given to them in the August 13 News Release.
The Company confirms that the Proposed Transaction contemplated in this new LOI replaces all previous agreement with 1844 originally announced on March 6, 2023. On February 29, 2024, Nickel North terminated the previously announced option agreement with 1844 before any exercise was made by 1844 due to poor market conditions. Currently the Company still owns 100% of the Hawk Ridge Ni-Cu-PGM project.
Following termination of the previously announced option agreement, the Company maintained ongoing communication with 1844 and the Proposed Transaction resulted from further negotiations between the Company and 1844, and ongoing strategic review of the Company’s business, assets and prospects being undertaken by the Company’s Board and a consideration of the Company’s financial position.
The Proposed Transaction is an arm's length transaction and is not considered to be a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. However, the Proposed Transaction will constitute a "Reviewable Disposition" in accordance with Exchange Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets. Accordingly, before completion of the Proposed Transaction, Nickel North will seek to obtain such shareholder approval by way of written consent of disinterested shareholders holding over 50% of its issued and outstanding shares. No common shares held by the Company or any of its Affiliates and Associates (as such terms are defined under Exchange Policy 1.1 – Interpretation) are eligible to participate in the approval of the Proposed Transaction. The Company will provide additional terms and conditions of the Proposed Transaction when the formal Definitive Agreement is entered into within 45 days of execution of the LOI.
Acceptance of the Proposed Transaction is subject to receipt of all necessary regulatory approvals, including, as applicable, Exchange approval and the requisite shareholder approval.
About Nickel North Exploration
Nickel North Exploration is a Canada-based exploration company focused on defining a Cu-Ni-Co-PGE mineral resource at its 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 strong magmatic Cu-Ni-Co-PGE occurrences covering 179.67 km2. Quebec is a mining-friendly jurisdiction. Nickel North Exploration is a conscientious corporate citizen maintains good relations with local Inuit communities and is committed to sustainable development. For more information on the company, please visit www.nnexploration.com or follow Company on Twitter at https://twitter.com/nickelnorth.
Nickel North Exploration Corp. has been identified as a key player in the Critical and Strategic Minerals value chain by Quebec's Ministry of Economics and Innovation (MEI) in 2021 (Quebec Plan for the Development of Critical and Strategic Minerals 2020-2025 (quebec.ca), which is part of Quebec's Plan for the Development of Critical and Strategic Metals (QPDCSM) and aims to stimulate the exploration and mining of SCMs, their transformation and recycling.
Per: "Tony Guo"
Tony Guo
Nickel North Exploration Inc.
Tony Guo. P. Geo, Chief Executive Officer (Tel: +1-778-877-5480)
E-mail: tonyguo@nnexploration.com
North America IR / PR Jemini Capital
Kevin Shum kevin@jeminicapital.com
Tel: +1 (647) 725-3888 x702
For further information please visit http://www.nnexploration.com
This news release may contain forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release may include, but is not limited to, the Company's objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames, or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither TSX Venture exchange nor its Regulations 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.
The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.