Class 1 Nickel Issues Shares to Maintain Somanike Property Option
TORONTO, Aug. 20, 2020 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Limited (“Class 1 Nickel” or the “Company”) (CSE: NICO), a Canadian company aiming to develop nickel-copper-cobalt sulphide deposits 45km northeast of Timmins, Ontario, today announces the issuance of 130,769 common shares in the capital of the Company (“Common Shares”) at a price of $0.65 per Common Share, being the closing price of the Common Shares on the date of issuance. The issuance of Common Shares maintains the Company’s option to earn a 100% undivided interest from Quebec Precious Metals Corporation (“QPM”) in the Somanike Property, an exploration stage property consisting of 5146.06 hectares located in La Motte, Quebec. A copy of the option agreement concerning the Somanike Property dated April 27, 2020 (the “Option Agreement”) was filed under Class 1 Nickel’s SEDAR profile at www.sedar.com on August 14, 2020. The shares issued are subject to a four month hold period.
Future consideration payable by Class 1 Nickel to QPM to earn its 100% undivided interest in and to the Somanike Property includes $25,000 in Common Shares due on or before June 15, 2022 and $50,000 in Common Shares due on or before June 15, 2023 (collectively, the “Future Option Payments”). The value of the Common Shares payable under the Future Option Payments will be determined using the volume weighted average price of the Common Shares traded on the Canadian Securities Exchange calculated over the 10 trading days prior to the issue date of Future Option Payments.About Class 1 Nickel and Technologies LimitedClass 1 Nickel and Technologies Limited (CSE: NICO) is a mineral resource company focused on the development of its 100% owned Alexo-Dundonald Project, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide projects located near Timmins, Ontario.For more information, please contact:Benjamin Cooper, President
E: [email protected]For additional information please visit our new website at www.class1nickel.com and our Twitter feed: @Class1Nickel.This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s Filing Statement dated August 14, 2020 as filed under the Company’s profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release.