Nickel North receives $100,000 loan from SinoTech

February 12, 2021

Nickel North Exploration Corp. has entered into a loan agreement with SinoTech (Hong Kong) Corp. Ltd. for a loan to the company in the principal amount of $100,000 for a term of one year. The principal amount will bear interest at a fixed rate of 10 per cent per annum.

The lender is a wholly owned subsidiary of Sinotech Minerals Exploration Co. Ltd. Sinotech Minerals Exploration is a majority owner of Beijing Donia Resources Co. Ltd., which wholly owns Goldrock Resources Corp. Ltd. Goldrock and the lender together own approximately 62.8 per cent of 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 Transactions. 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 Exploration Corp.
Nickel North Exploration is a Canadian-based explorer focused on defining a Ni-Cu-PGE (nickel-copper-platinum group element) resource at its Hawk Ridge project in northern Quebec. The board of directors, adviser committee and management team are experienced, successful mine finders. The property consists of a 50-kilometre-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.