Canada Nickel (TSXV:CNC) and Noble Mineral Exploration (TSXV:NOB) They signed a binding letter of intent (LOI) to sell the Lucas Gold Project in northern Ontario to Noble.
Under the letter of intent, Noble will issue 5 million units at a price of $0.06 each, with each unit containing one common share and one-half of a warrant. Each full order can be executed at $0.15 for a period of two years. Noble will also give Canada Nickel a recourse to acquire a 25% interest in the property by paying Noble four times the exploration and maintenance expenses.
“We are pleased to have the company able to generate value from non-core properties with Noble Mineral Exploration and wish them well in their exploration activities,” said Mark Selby, CEO of Canada Nickel.
Transactions remain subject to final agreement and compliance with the legal requirements of the TSX Investment Exchange. Canada Nickel and Noble will announce further details as proceeds from the transaction continue to be worked out.
The company also said it has acquired a 100% interest in a group of Lucas Township claims that fall within the scope of the broader Crawford project. This transaction includes 60,000 Canadian Nickel shares, subject to a four-month hold and a 1.5% net smelter return (NSR).
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