Class 1 Nickel and Technologies Limited (CSE: NICO), a Canadian company aiming to develop nickel-copper-cobalt sulphide deposits 45km northeast of Timmins, Ontario, has announced the issuance of 130,769 common shares in the capital of the Company at a price of $0.65 per Common Share, being the closing price of the Common Shares on the date of issuance. The issuance of Common Shares maintains the Company’s option to earn a 100% undivided interest from Quebec Precious Metals Corporation (“QPM”) in the Somanike Property, an exploration stage property consisting of 5146.06 hectares located in La Motte, Quebec. A copy of the option agreement concerning the Somanike Property dated April 27, 2020 (the “Option Agreement”) was filed under Class 1 Nickel’s SEDAR profile on August 14, 2020. The shares issued are subject to a four month hold period.
Future consideration payable by Class 1 Nickel to QPM to earn its 100% undivided interest in and to the Somanike Property includes $25,000 in Common Shares due on or before June 15, 2022 and $50,000 in Common Shares due on or before June 15, 2023 (collectively, the “Future Option Payments”). The value of the Common Shares payable under the Future Option Payments will be determined using the volume weighted average price of the Common Shares traded on the Canadian Securities Exchange calculated over the 10 trading days prior to the issue date of Future Option Payments.
About Class 1 Nickel and Technologies Limited
Class 1 Nickel and Technologies Limited (CSE: NICO) is a mineral resource company focused on the development of its 100% owned Alexo-Dundonald Project, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide projects located near Timmins, Ontario.