CaNickel Announces Extension of Option Agreement for Proposed Sale of the Bucko Lake Mine
CaNickel Mining announces that Cobalt One Energy and Blackstone Minerals have extended their option agreement for the purchase of the Bucko Lake Mine Project to January 3, 2025. The extension comes with a C$100,000 fee, with further 30-day extensions possible. The project, located 110 km southwest of Thompson, Manitoba, is considered one of North America's highest-grade nickel sulfide projects.
If exercised, Cobalt One and Blackstone would assume all liabilities and obligations related to the Project, working towards achieving permitted status and commercial production. The transaction requires shareholder approval from both companies and regulatory clearances from TSX Venture Exchange and Australian Securities Exchange.
CaNickel Mining annuncia che Cobalt One Energy e Blackstone Minerals hanno esteso il loro accordo di opzione per l'acquisto del Bucko Lake Mine Project fino al 3 gennaio 2025. L'estensione prevede una commissione di C$100,000, con ulteriori estensioni di 30 giorni possibili. Il progetto, situato a 110 km a sud-ovest di Thompson, Manitoba, è considerato uno dei progetti di nickel solfuro ad alta qualità in Nord America.
Se esercitato, Cobalt One e Blackstone assumerebbero tutte le responsabilità e gli obblighi legati al progetto, lavorando per ottenere lo stato di autorizzazione e avviare la produzione commerciale. La transazione richiede l'approvazione degli azionisti di entrambe le società e le autorizzazioni normative da parte del TSX Venture Exchange e dell'Australian Securities Exchange.
CaNickel Mining anuncia que Cobalt One Energy y Blackstone Minerals han extendido su acuerdo de opción para la compra del Bucko Lake Mine Project hasta el 3 de enero de 2025. La extensión incluye una tarifa de C$100,000, con posibles extensiones adicionales de 30 días. El proyecto, ubicado a 110 km al suroeste de Thompson, Manitoba, se considera uno de los proyectos de sulfuro de níquel de mayor calidad en América del Norte.
Si se ejerce, Cobalt One y Blackstone asumirían todas las responsabilidades y obligaciones relacionadas con el proyecto, trabajando para alcanzar el estado de autorización y la producción comercial. La transacción requiere la aprobación de los accionistas de ambas compañías y las autorizaciones regulatorias del TSX Venture Exchange y de la Bolsa de Valores de Australia.
CaNickel Mining은 Cobalt One Energy와 Blackstone Minerals가 Bucko Lake Mine Project 구매를 위한 옵션 계약을 2025년 1월 3일까지 연장했다고 발표했습니다. 연장에 따른 비용은 C$100,000이며, 추가로 30일씩 연장이 가능할 수 있습니다. 이 프로젝트는 매니토바의 톰슨 남서쪽으로 110km 떨어진 곳에 위치하며, 북미에서 가장 높은 등급의 니켈 황화물 프로젝트 중 하나로 간주됩니다.
행사할 경우, Cobalt One과 Blackstone은 프로젝트와 관련된 모든 부채와 의무를 인수하고, 허가 상태와 상업적 생산을 달성하기 위해 노력할 것입니다. 이 거래는 두 기업 모두의 주주 승인과 TSX 벤처 거래소 및 호주 증권 거래소의 규제 승인이 필요합니다.
CaNickel Mining annonce que Cobalt One Energy et Blackstone Minerals ont prolongé leur accord d'option pour l'achat du Bucko Lake Mine Project jusqu'au 3 janvier 2025. Cette prolongation entraîne des frais de 100 000 C$, avec des prolongations supplémentaires de 30 jours possibles. Le projet, situé à 110 km au sud-ouest de Thompson, Manitoba, est considéré comme l'un des projets de sulfure de nickel les plus riches en Amérique du Nord.
Si l'option est exercée, Cobalt One et Blackstone assumeraient toutes les responsabilités et obligations liées au projet, travaillant à obtenir le statut d'autorisation et à lancer la production commerciale. La transaction nécessite l'approbation des actionnaires des deux sociétés et des autorisations réglementaires de la TSX Venture Exchange et de l'Australian Securities Exchange.
CaNickel Mining gibt bekannt, dass Cobalt One Energy und Blackstone Minerals ihre Optionsvereinbarung zum Kauf des Bucko Lake Mine Project bis zum 3. Januar 2025 verlängert haben. Die Verlängerung erfolgt gegen eine Gebühr von 100.000 C$, mit weiteren möglichen Verlängerungen von 30 Tagen. Das Projekt, das 110 km südwestlich von Thompson, Manitoba, liegt, gilt als eines der hochwertigsten Nickel-Sulfid-Projekte in Nordamerika.
Wenn die Option ausgeübt wird, würden Cobalt One und Blackstone alle Verbindlichkeiten und Verpflichtungen im Zusammenhang mit dem Projekt übernehmen und daran arbeiten, die Genehmigung zu erhalten und die kommerzielle Produktion zu starten. Die Transaktion erfordert die Zustimmung der Aktionäre beider Unternehmen sowie regulatorische Genehmigungen von der TSX Venture Exchange und der Australian Securities Exchange.
- Option agreement extension indicates continued interest in the high-grade nickel sulfide project
- Company receives C$100,000 extension fee
- Challenging nickel market conditions noted over past 16 months
- Company will cease operating activities if sale completes
- Significant corporate debt will remain even after potential sale
Vancouver, British Columbia--(Newsfile Corp. - December 4, 2024) - CaNickel Mining Limited (TSXV: CML) ("CaNickel" or the "Company") announces that Cobalt One Energy Corporation ("Cobalt One") and Blackstone Minerals Limited ("Blackstone") have elected to extend the option period for the Option Agreement it had signed with CaNickel on December 4, 2023, in which Cobalt One was granted the exclusive right and option for a 12-month period (the "Option") to purchase CaNickel's
In accordance with the terms of the Option Agreement, which permits the extension of the option period on a 30-day basis provided a signed Option Extension Notice is delivered along with payment of a C
"Despite challenges in the nickel market over the last 16 months, the fact remains that the Bucko Lake Mine represents one of the highest-grade and most advanced nickel sulfide projects in North America at a time when critical minerals are playing an increasingly pivotal role in the global transition towards green energy," stated Shirley Anthony, Chief Executive Officer of CaNickel. "We are grateful to Blackstone for endeavouring in good faith to complete the proposed purchase of the Bucko Lake Mine over the past year and will continue working closely with them to facilitate a transaction in the near future."
Should the Option be exercised, and the transaction closed according to the settled terms of an Asset Purchase Agreement ("APA"), Cobalt One and Blackstone Minerals would assume all of CaNickel's liabilities and obligations with respect to all assets relating to the Project and work actively and diligently in advancing the Project towards a fully permitted status and towards commercial production as soon as reasonably practicable and without delay.
Closing of the asset sale remains subject to the satisfaction or waiver of all closing conditions set out in the APA, including the approval by the shareholders of both CaNickel and Blackstone and the approval of the TSX Venture Exchange and Australian Securities Exchange, respectively, and other customary closing conditions.
Neither Blackstone Minerals nor Cobalt One is a "Non-Arm's Length Party" of CaNickel, as defined in the policies of the TSX Venture Exchange. No finder's fees will be paid to any party in connection with the Option or the sale of the Project.
Should the sale of the Project be completed, the Company will cease to have any operating activities and its assets will consist mainly of cash or cash equivalents as well as its entitlement to receive the additional payments from Blackstone for the purchase of the Project. The Company will continue to hold significant corporate debt and the Company's board and management will evaluate strategic options for how the Company will move forward should the transaction take place.
ABOUT CANICKEL
CaNickel Mining Limited is a Canadian junior mining company that currently owns the Bucko Lake Mine, currently on care and maintenance, near Wabowden, Manitoba. From 2009 to 2012, nearly 450,000 tonnes of mineralized material were mined to produce 6.9 million pounds of nickel before the mine was put on care and maintenance due to low nickel prices.
Further information is available at www.canickel.com or contact:
Shirley Anthony
Chief Executive Officer
Phone: 778-999-2771
Email: shirley@canickel.com
Website: www.canickel.com
CaNickel Mining Limited
Suite 720 - 320 Granville St.
Vancouver, British Columbia Canada V6C 1S9
Forward-Looking Statements
This press release may contain forward-looking statements including those describing the Company's future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, most of which are beyond the control of the Company. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the Company's plans for the sale of the Project.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties, actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, failure to obtain all required approvals for the sale of the Project and failure to complete the sale of the Project, general economic, market or business conditions, risks associated with the exploration and development industry in general (e.g., the outlook for nickel and copper, interest and exchange rates, inflation and capital market conditions, operational risks in development, exploration and production; the uncertainty of mineral resource estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks).
Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232237
FAQ
When does the extended option agreement for CaNickel Mining (CMLGF) Bucko Lake Mine expire?
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What approvals are needed for CaNickel Mining's (CMLGF) Bucko Lake Mine sale?
