Conic Metals Corp., Toronto, Canada, (TSXV: NKL) announced that it has added C$6.9 million of cash to its balance sheet by, after approval of its independent board members, monetizing the 3.98 million shares that the Company owned in Giga Metals Corp., Vancouver, Canada.
“Conic has significantly improved its balance sheet with the execution of this sale,” stated Justin Cochrane, Conic’s President & CEO. “We continue to hold a 2.0% NSR royalty on Giga’s Turnagain property and believe that Turnagain has a unique opportunity to be a green source of nickel for decades to automakers and battery makers as electric vehicles and energy storage systems continue to gain traction.”
Following the sale, the Company now has approximately US$8.2 million of consolidated cash.
Conic Metals Corp. is a base metals company offering direct exposure to nickel and cobalt, both being critical elements of electric vehicles and energy storage systems. Conic holds an 8.56% joint-venture interest in the producing, long-life and world-class Ramu Nickel-Cobalt Operation located in Papua New Guinea which provides Conic with significant attributable nickel and cobalt production. In addition, Conic manages a portfolio of 11 nickel and cobalt royalties on advanced/development and exploration projects in Canada and Australia. Conic will continue to invest in a battery metals-focused portfolio of streams, royalties and direct interests in mineral properties containing battery metals.