Press Release
VANCOUVER, British Columbia, October 30, 2024 – Flying Nickel Mining Corp. (TSX-V: FLYN; OTCQB: FLYNF) (the “Company” or “Flying Nickel”) is pleased to announce that the Company has completed the arrangement previously announced by the Company on August 21, 2024 (the “Arrangement”), involving the Company, Norway House Cree Nation (“NHCN”), and 10197729 Manitoba Inc. (the “Purchaser”), a wholly owned entity of NHCN, pursuant to which, among other things, NHCN has acquired, through the Purchaser, the Company’s Minago Nickel Project located in Manitoba, Canada in consideration for $8,000,000 in cash, the surrender 17,561,862 common shares in the capital of the Company (“Shares”) held by NHCN, which represents all of the Shares held by NHCN, the assumption of certain royalties by the Purchaser and NHCN, the assumption of an existing option agreement by the Purchaser and NHCN, and reimbursement of certain expenses and fees incurred by the Company in connection with the Arrangement. The 17,561,862 Shares previously held by NHCN represented approximately 11.41% of the issued and outstanding Shares of Flying Nickel, and have been surrendered and cancelled. NHCN no longer holds any Shares of Flying Nickel. As previously announced on October 22, 2024 and October 25, 2024, respectively, the Arrangement was approved by the Company’s shareholders at a special meeting held on October 21, 2024 (the “Meeting”) and the British Columbia Supreme Court granted its final order in respect of the Arrangement on October 24, 2024.
NHCN appreciates the sale of assets to complete the historic restoration of its natural resources from Flying Nickel. This mining project, located within the Norway House Traditional Territory, will play a significant role in the long-term economic development for NHCN and the surrounding communities.
NHCN, the Purchaser, and Niel Duboff are non-Arm’s Length parties to the Arrangement and the disposition under the Arrangement constitutes a Non-Arm’s Length transaction as defined in TSX Venture Exchange policy.
Concurrent with the closing of the Arrangement, Neil Duboff has resigned as a director of the Company and the Company and NHCN have terminated their impact and benefit agreement dated March 3, 2023.
Further details regarding the Arrangement can be found in the Company’s management information circular dated September 17, 2024 (the “Circular”) in respect of the Meeting, which can be found under the Company’s SEDAR+ profile at www.sedarplus.ca.
Early Warning Matters
This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed under Flying Nickel’s profile on SEDAR+ profile at www.sedarplus.ca containing additional information respecting the foregoing matters. To receive a copy of the report filed in respect of the above matters, please contact Jamie Kagan at jk@tdslaw.com.
About Flying Nickel
Flying Nickel is an exploration-stage mining company focused on vanadium resources. The Company owns a 100% interest in the Gibellini vanadium project in Nevada, United States.
Further information on Flying Nickel can be found at www.flynickel.com.
FLYING NICKEL MINING CORP.
ON BEHALF OF THE BOARD
John Lee
Chief Executive Officer
For more information about Flying Nickel, please contact:
Suite 1610 – 409 Granville Street
Vancouver, BC V6C 1T2
Phone: 1.877.664.2535 / 1.877.6NICKEL
Email: info@flynickel.com
For more information about NHCN, please contact:
Norway House Cree Nation
P.O. Box 250, Norway House
Manitoba, R0B 1B0
Telephone: (204) 934-2309
Attention: Jamie Kagan
Email: jk@tdslaw.com
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