LOI News Sends Shares Higher

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Monday, July 22, 2024

Nickel is increasingly being used to manufacture batteries for electric vehicles, a key technology in the clean energy transition. This premier nickel sulphide mining and exploration company is advancing its 100%- owned project in the Thompson nickel belt in Manitoba, Canada and just announced a binding LOI.

Flying Nickel Mining Corp. (TSXV: FLYN) (OTCQB: FLYNF) and Norway House Cree Nation announced in a press release today that they have entered into a binding letter of intent. The LOI, dated July 21, 2024, states that Flying Nickel proposes to sell its Minago Nickel project and its related assets and undertaking located in the Thompson Nickel Belt of Manitoba, Canada, referred to as the Minago Assets, to NHCN.

Immediately prior to the proposed closing, NHCN shall surrender all of the common shares in the capital of Flying Nickel held by NHCN, for a total consideration will either be payment of (i) $7.3 million in cash and surrender of 31,015,206 (35.2%) of Flying Nickel Shares, or (ii) $8 million in cash and surrender of 17,561,862 (19.9%) of Flying Nickel Shares.

Major shareholders, including Blackstone, Sparta and NHCN, will support Flying Nickel's management at the annual general and special meeting of Flying Nickel currently scheduled to take place on July 23, 2024, including voting in favor of the proposed plan of arrangement pursuant to which Flying Nickel would acquire all of the issued and outstanding common shares of Nevada Vanadium Mining Corp., and the four board nominees proposed by Flying Nickel.

Shares were moving higher in Monday morning trading. 

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