On October 25, 2024, Flying Nickel Mining Corp., a mining company headquartered in Vancouver, British Columbia, announced that the British Columbia Supreme Court has granted the final order in connection with an arrangement involving the company, Norway House Cree Nation (NHCN), and 10197729 Manitoba Inc.
Under the arrangement, NHCN will acquire the Minago Nickel Project in Manitoba, Canada from Flying Nickel Mining Corp. for $8,000,000 in cash. As part of the deal, NHCN will surrender 17,561,862 common shares in the company, assume certain royalties, and reimburse expenses related to the arrangement. The closing price of the company’s shares on the TSXV on October 23, 2024, was $0.05 per share.
The arrangement was approved by the company’s shareholders at a special meeting held on October 21, 2024. Closing of the arrangement is subject to customary closing conditions, including TSXV and regulatory approvals. The parties expect the arrangement to be completed by the end of October 2024.
For more information on the arrangement, refer to the Company’s management information circular dated September 17, 2024, available on the Company’s SEDAR+ profile.
Flying Nickel Mining Corp. is an exploration-stage mining company focused on vanadium and nickel resources. The company owns the Gibellini vanadium project in Nevada, United States, and the Minago nickel project in the Thompson nickel belt in Manitoba, Canada.
John Lee, Chief Executive Officer of Flying Nickel Mining Corp., emphasized that completion of the arrangement is subject to various conditions, including TSXV acceptance. Investors are advised to exercise caution when trading in the company’s securities, as they are deemed highly speculative.
This news release contains forward-looking statements and information under applicable Canadian and United States securities laws. Actual results may vary from those anticipated due to factors such as changes in market conditions, availability of financing, and regulatory approvals.
Flying Nickel Mining Corp. urges investors and stakeholders to carefully consider the factors discussed in the Circular and the company’s most recent MD&A filed on SEDAR+, as well as the uncertainties and risks associated with forward-looking statements. The company does not guarantee the accuracy of forward-looking statements and undertakes no obligation to update them unless required by law.
