On August 21, 2024, Flying Nickel Mining Corp. announced that it has entered into a definitive arrangement agreement with Norway House Cree Nation and 10197729 Manitoba Inc. for the sale of its Minago Nickel project in Manitoba, Canada. The transaction involves selling the project and related assets in exchange for $8,000,000 in cash and the surrender of common shares held by Norway House Cree Nation. The agreement is subject to various conditions, including approval from shareholders, the TSX Venture Exchange, and the Supreme Court of British Columbia.
The parties aim to close the transaction by October 16, 2024, with a deadline no later than December 15, 2024. Since Norway House Cree Nation owns more than 10% of Flying Nickel’s shares, the transaction is classified as a related party transaction. Shareholder approval is required for the transaction, and a special majority of shareholders must vote in favor at the meeting scheduled for October 7, 2024.
Moreover, the announcement includes a proposed name change for Flying Nickel to “CleanTech Vanadium Mining Corp.” upon completion of the transaction. The name change is also subject to approval by a special majority of shareholders at the meeting and regulatory bodies.
The board of directors of Flying Nickel has unanimously recommended the transaction and name change, as they believe it is in the best interests of the company and shareholders. More information on the transaction and name change will be provided in the management information circular to be issued to shareholders.
Flying Nickel is an exploration-stage mining company focusing on vanadium and nickel resources. The company owns the Gibellini vanadium project in Nevada, United States, and the Minago nickel project in Manitoba, Canada. Further details about Flying Nickel can be found on their website.
This press release does not constitute an offer of securities for sale in the United States, and the completion of the transaction is subject to several conditions and approvals. Investors are advised to exercise caution when considering the forward-looking statements and potential risks associated with the transaction.
