North American Nickel Announces the Sentient Group Exercises Warrants
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 2, 2013) - North American Nickel Inc. (TSX VENTURE:NAN) (OTCBB:WSCRF) (CUSIP: 65704T 108) (the "Company") is pleased to announce that The Sentient Group ("Sentient") has exercised 18,276,199 common share purchase warrants (the "NAN Warrants") of North American Nickel Inc. ("NAN") at a price of CAD$0.21 per unit for aggregate gross proceeds of up to CAD $3,838,001.79 representing approximately 14.96% of the outstanding common shares of NAN (the "NAN Shares").
Taking into account the exercise of the NAN Warrants, Sentient now owns over 54,828,598 NAN Shares, representing approximately 39.04% of the 140,456,084 issued NAN Shares.
The issued and outstanding common shares of NAN is 148,464,084. Following this transaction, NAN will have an updated cash position of $7.5 million.
Rick Mark, CEO of North American Nickel states: "We are very pleased that our strategic partner, The Sentient Group, has chosen to exercise all of their warrants today. Their commitment to the Company and to our 100% owned Maniitsoq Ni-Cu-Co-PGM Project in Southwest Greenland is clear. They are engaged with management regularly and bring their experience and world view to bear in the planning and execution at Maniitsoq."
About North American Nickel
North American Nickel is a mineral exploration company with 100% owned properties in Maniitsoq, Greenland, Sudbury, Ontario, and the Thompson, Manitoba nickel belt. VMS Ventures Inc. (TSX VENTURE:VMS) owns approximately 27.5% of NAN.
The Maniitsoq property in Greenland is a Camp scale project comprising 5,106 square km's covering numerous high-grade nickel-copper sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland Norite Belt (GNB). The 70km plus long belt is situated along, and near, the southwest coast of Greenland, which is pack ice free year round.
The first two discoveries of economic mineralization at Imiak Hill and Spotty Hill confirm the high value and potential of the GNB.
The Post Creek/Halcyon property in Sudbury is strategically located adjacent to the producing Podolsky copper-nickel-platinum group metal deposit of Quadra FNX Mining. The property lies along the extension of the Whistle Offset dyke structure. Such geological structures host major Ni-Cu-PGM deposits and producing mines within the Sudbury Camp.
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term defined in the Private Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from the expected results.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark Fedikow, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.