- Premium Nickel Resources Corporation (PNR) and North American Nickel Inc. (NAN) have entered into a definitive amalgamation agreement
- The agreement is in respect of their previously-announced reverse takeover transaction (RTO) of NAN
- NAN intends to consolidate its common shares on the basis of one post-consolidation common share for each five pre-consolidation common shares
- North American Nickel is a mineral exploration company with 100 per cent-owned properties in Maniitsoq, Greenland and Ontario, Canada
- PNR is a Canadian company dedicated to the exploration and development of high-quality nickel-copper-cobalt resources
- North American Nickel Inc. (NAN) remains unchanged, trading at $0.58 per share at 2:00 PM ET
Premium Nickel Resources Corporation (PNR) and North American Nickel (NAN) have entered into an amalgamation agreement.
The agreement is in respect of their reverse takeover transaction (RTO), following which PNR would “go public” by way of a reverse takeover of NAN.
NAN, PNR and 1000178269 Ontario Inc. (NAN Subco), a wholly-owned subsidiary of NAN incorporated under the Business Corporations Act (Ontario), entered into the amalgamation agreement on April 25, 2022.
“We are delighted to announce this business combination with NAN, which is our long-term supporter and shareholder,” stated Sheldon Inwentash, Director of PNR.
“This agreement demonstrates the degree to which our respective companies and shareholders are in alignment as we move forward with the RTO transaction and the re-development of the recently acquired Selebi Mines in Botswana,” he added.
“We are pleased to announce the business combination with PNR and embark on this important new chapter in NAN’s development,” said Douglas Ford, Interim Lead Director of NAN.
“We believe that this transaction will unlock significant value for NAN’s shareholders through the addition of the Selebi mines, which have significant exploration upside, to NAN’s current portfolio of Ni-Cu-Co assets,” he added.
As part of the RTO, and subject to any required shareholder and regulatory approvals, NAN will: (i) change its name to “Premium Nickel Resources Ltd.”; (ii) change its stock exchange ticker symbol to a symbol to be determined between the parties and acceptable to the Exchange; and (iii) reconstitute the board of directors (the “Board Reconstitution”) and management of the Resulting Issuer.
In addition, subject to any required shareholder and regulatory approvals, NAN intends to consolidate its common shares on the basis of one post-consolidation common share for each five pre-consolidation common shares.
North American Nickel is a mineral exploration company with 100 per cent-owned properties in Maniitsoq, Greenland and Ontario, Canada.
PNR is a Canadian company dedicated to the exploration and development of high-quality nickel-copper-cobalt resources.
North American Nickel Inc. (NAN) remains unchanged, trading at $0.58 per share at 2:00 PM ET.