North American Nickel Announces Share Consolidation
Vancouver, October 2, 2019 - North American Nickel Inc. (TSXV: NAN) (OTCBB: WSCRF) (CUSIP: 65704T 108) (the "Company" or "NAN") announces that its Board of Directors has approved a consolidation (the "Consolidation") of the Company's issued and outstanding common shares (the "Common Shares") on the basis of ten (10) pre-consolidation shares for one (1) post-consolidated share. The purpose of the Consolidation is to facilitate the Company's ability to attract future financing and undertake prospective transactions. The effective date for the Consolidation will be October 4, 2019.
The Company currently has 787,928,500 Common Shares outstanding and if completed, the Consolidation would reduce the issued and outstanding Common Shares to approximately 78,792,850 Common Shares. The Consolidation has been approved by the TSX Venture Exchange (the "TSXV") and the Company's Common Shares will trade on a consolidated basis under the existing name and trading symbol NAN on October 4, 2019.
A letter of transmittal will be sent to registered shareholders providing instructions to surrender the certificates evidencing their Common Shares in exchange for replacement certificates representing the number of Common Shares to which they are entitled as a result of the Consolidation.
In early 2018, NAN initiated a strategy to assemble a diversified portfolio of highly prospective nickel-copper-cobalt projects that were located in countries with the Rule-of-Law and that should demonstrate sustainable economics assuming conservative long-term commodity prices. As a result of this work, NAN has acquired 3 new projects in Ontario which include: the Lingman Nickel Project, covering a portion of the Archean age Lingman Lake Greenstone Belt, three project areas in the Quetico region which is known to host intrusions with Ni-Cu-Co-PGM mineralization related to a late 2690 Ma Archean magmatic event (See news release dated May 15, 2019) and, most recently, the Company entered into an agreement to earn a 100% interest in the Loveland Nickel property. The Loveland Nickel property acquisition is subject to approval by the TSXV.
The Loveland Nickel Property is located 30 km northwest of Timmins and has year round access. The property is underlain by a mineralized differentiated mafic-ultramafic complex that is host to the historic Enid Creek showing. Recent analyses of a historic drill sample by the Ministry of Northern Development and Mines in Ontario returned 2.74% Ni, 1.3% Cu, 1.66ppm Pd. A VTEMMAX survey completed in 2017 identified several new and untested conductors. One of the targets extends for 950 m in strike length, and is located to the southeast along strike from the known mineralization. The exploration target is high grade mineralization located in a depression or embayment structure at the base of the intrusion.
These projects are now added to our existing portfolio in Sudbury including Post Creek and Halcyon as well as Maniitsoq, our flagship project on the southwest coast of Greenland.
NAN CEO, Keith Morrison, commented: "NAN believes it is an opportune time to be acquiring and advancing high quality nickel projects in stable political jurisdictions. We are continuing to generate and evaluate compelling nickel sulphide projects on a global basis. These Canadian projects are intended to be advanced and drilled on a priority basis this year."
Engagement and ongoing dialogue with the local First Nation groups is intended to occur as the 2019 scope of work is formalized.
About North American Nickel
North American Nickel is a mineral exploration company with 100% owned properties in Maniitsoq, Greenland and Ontario, Canada.
The Maniitsoq property in Greenland is a Camp scale permitted exploration project comprising 3,048 square km covering numerous high-grade nickel-copper + cobalt sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland Norite Belt (GNB). The >75km-long belt is situated along, and near, the southwest coast of Greenland accessible from the existing Seqi deep water port with an all year-round shipping season and hydroelectric power potential from a quantified watershed.
The Post Creek/Halcyon property in Sudbury is strategically located adjacent to the past producing Podolsky copper-nickel-platinum group metal deposit of KGHM International Ltd. 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.
The Company recently acquired 100% ownership of property near the southern extent of the Lingman Lake Greenstone Belt in northwest Ontario known as Lingman Nickel and in the Quetico region near Thunder Bay Ontario. The acquisition of these properties are part of the company's strategy to develop a pipeline of new nickel projects.
ON BEHALF OF THE BOARD OF DIRECTORS
Keith Morrison
Chief Executive Officer
North American Nickel Inc.
For more information contact:
North American Nickel Inc.
Jaclyn Ruptash
Corporate Communications
(604) 770-4334
Toll free: 1-866-816-0118
Neither the TSX Venture Exchange nor its Regulation 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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities legislation concerning the business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information includes, but is not limited to, statements about the completion of the Consolidation, the ability of the Company to access capital, the trading of the post-Consolidation Common Shares on the Exchange, the success of exploration activities, the future economics of minerals including nickel and copper, the benefits of the development potential of the properties of the Company, the benefits of drilling and advancement of projects, engagement and dialogue with First Nations groups and formalizing the scope of work. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors, which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the Company's disclosure documents available at www.sedar.com. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. 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, except as required by law.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/48433