TSX-V-listed Canada Nickel Company has entered a transaction to acquire the properties that it previously optioned from Noble Mineral Exploration, plus additional claims in northern Ontario.
Under the terms of the transaction, the current option agreements with Noble Mineral Exploration will be terminated and Canada Nickel will acquire 100% of the optioned claims and other interests in return for 3.5-million of the company's common shares.
"Today's announcement achieves several objectives for us. This acquisition provides us with 100% ownership of our five option properties, adds a sixth property, and allows us to both expand and consolidate Crawford's overall footprint, which is an important step given the scale of the contemplated operation. This acquisition effectively consolidates all the key nickel targets within Noble's Project 81 land package allowing Noble to focus on the multiple gold/VMS targets in its remaining substantial land package.
“The transaction also provides Canada Nickel an ability to buy back a portion of the royalties that are available on certain properties,” says Canada Nickel chairperson and CEO Mark Selby.
Noble Mineral Exploration formed Canada Nickel in late 2019 to own the Crawford nickel/cobalt sulphide project.