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Canada Nickel files updated 43-101 and issues options

Dec 7, 2020

Canada Nickel Company Inc. has announced that the company has filed on SEDAR an independent technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects supporting the mineral resource estimate for its 100% owned Crawford Nickel-Cobalt Sulphide Project near Timmins, which was reported in the company's news release dated October 21, 2020. The Mineral Resource Estimate, effective as of October 18, 2020, was prepared following the CIM Definition Standards for Mineral Resources and Reserves (November 29, 2019).

The full technical report dated December 4, 2020, with an effective date of November 1, 2020 is entitled "Independent Technical Report and Mineral Resource Estimates Crawford Nickel-Cobalt Sulphide Project: Main Zone (Update) and East Zone (Maiden) Deposits”. The report was prepared for Canada Nickel by Caracle Creek International Consulting Inc. and can be found under the Company's issuer profile at www.sedar.com.

The Crawford Nickel-Cobalt Sulphide Project is located in the heart of the prolific Timmins-Cochrane mining camp in Ontario, Canada, and is adjacent to well-established, major infrastructure associated with over 100 years of regional mining activity. Canada Nickel has launched wholly-owned NetZero Metals Inc. with the aim to develop zero-carbon production of nickel, cobalt, and iron at the Crawford Project.

Issuance of Options and RSUs to new members of Canada Nickel Management Team

The Company also announced today that it has granted options to acquire common shares of the Company (“Options”) and restricted share units (“RSUs”) to each of Pierre-Philippe Dupont (recently appointed Vice President Sustainability of the Company) and Wendy Kaufman (recently appointed Chief Financial Officer of the Corporation). Each of Mr. Dupont and Ms. Kaufman was granted 180,000 Options exercisable at $1.62 per common share (the applicable price per common share when such grants were approved) and 115,000 RSUs. These Options and RSUs are subject to shareholder approval as required by the TSX Venture Exchange and the terms and conditions of the Company’s option plan and restricted share unit plan, respectively.

Issuance of Shares

The Company also announced today that it will be issuing 42,781 common shares to an arm’s length party in satisfaction of its obligation to pay $80,000 in fees. The shares will be subject to a four-month hold period under applicable securities laws.

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