The Company will now issue up to 20,834,000 subscription receipts (the 'Subscription Receipts') at a price of
Each Subscription Receipt shall be deemed to be automatically exercised, without payment of any additional consideration and without further action on the part of the holder thereof, into a Resulting Issuer Share (as defined below) on a one-for one basis, upon satisfaction of the Escrow Release Conditions, subject to adjustment in certain events.
The net proceeds from the Offering shall be used to fund exploration and development, working capital and for general corporate purposes.
In addition, the Company has granted the Agents an option to increase the size of the Offering by up to 15% of the base Offering size, which option shall be exercisable at any time not less than 48 hours prior to the Closing Date.
The Offering is expected to close on or about
The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the '
Proposed RTO Transaction
The Company has entered into a non-binding letter of intent with
Pursuant to the policies of the TSXV, PNR is a 'Non-Arm's
In connection with the proposed RTO Transaction, the Company is required to seek the requisite shareholder and regulatory approvals to change the name and stock ticker symbol of the Resulting Issuer as part of the RTO Transaction to such name and ticker symbol as may be requested by PNR, acting reasonably, and consolidate the common shares of the Resulting Issuer.
On the Closing Date (as defined below), the gross proceeds of the Offering, less 100% of the expenses of the Agent payable by the Company pursuant to the terms of an agency agreement, to be entered into at closing between the Company, PNR and the Agents (the 'Agency Agreement'), but including the cash commission of the Agents, will be delivered to and held by a licensed Canadian trust company or other escrow agent (the 'Escrow Agent') mutually acceptable to the Agent and the Company and invested in an interest bearing account (the 'Escrowed Funds') pursuant to the terms and conditions of a subscription receipt agreement to be entered into on the Closing Date among the Company, Agent and the Escrow Agent (the 'Subscription Receipt Agreement'). The Escrowed Funds will be held in escrow pending the earlier of (i) the satisfaction of the Escrow Release Conditions, and (ii) the occurrence of a Termination Event.
About
The Maniitsoq property in
NAN acquired 100% ownership of property near the southern extent of the Lingman Lake Greenstone Belt in northwest
About
PNR is a Canadian company dedicated to the exploration and development of high-quality nickel-copper-cobalt (Ni-Cu-Co) resources. We believe that the medium to long-term demand for these metals will grow through continued global urbanization and the increasing replacement of internal combustion engines with electric motors. Importantly, these metals are key to a low-carbon future. PNR has recently completed a transaction resulting in the transfer of ownership of assets, in liquidation, formerly operated by
PNR maintains a skilled team with strong financial, technical and operational expertise to take an asset from discovery to exploration to mining.
PNR has focused its efforts on discovering world class nickel sulphide assets in jurisdictions with rule-of-law that fit a strict criteria that comply with PNR's values and principles which stand up against the highest acceptable industry standards. We are committed to governance through transparent accountability and open communication within our team and our stakeholders.
Contact:
Tel: +1 (604) 770-4334
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain 'forward-looking statements' and 'forward-looking information' under applicable Canadian securities legislation concerning the business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information include, but is not limited to, statements about the future prospects of any assets or properties of the Company, the ability of the Company to successfully complete due diligence, the ability of the Company to successfully complete the Offering and the RTO Transaction, the ability of the Company to access capital, any spending commitments, the success of exploration activities, the future economics of minerals including nickel and copper, the benefits of the development potential of the properties of the Company, the benefits of drilling and advancement of projects. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors, which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed.
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