PURE NICKEL INC. : http://www.purenickel.com/ : QwikReport

News Releases

#November 29, 2019
Pure Nickel Provides Update on Upcoming AGM

 

TORONTO: November 29, 2019. Pure Nickel Inc. (TSXV: NIC) (the "Company" or "Pure Nickel") is pleased to provide an update regarding its upcoming Annual and Special Meeting of the Shareholders ("AGM") which has been scheduled December 11, 2019. At the AGM, shareholders will be asked to approve a number of items of special business including:

  • The approval of the transaction to combine the Company with Explor Resources Inc. on a 46/54 (Pure Nickel/Explor Resource) basis. (see press release dated August 22, 2019)
  • The approval of the proposal to change the Company name to Galleon Gold Corp. ("Galleon Gold"). The board of directors has recommended the name change as it believes a name change and rebranding will fully reflect the new direction of the Company, which since the beginning of 2019 has been a strategic change of its focus to gold. In connection with the proposed name change, the Company has reserved the new trading symbol "GGO" for its common shares on the TSX Venture Exchange ("TSXV"). The name change remains subject to TSXV and shareholder approval.
  • The approval of the issuance of up to 60,000,000 common shares of the Company to 2176423 Ontario Ltd., a company controlled by Mr. Eric Sprott, on the exercise of a convertible debenture previously issued to 2176423 Ontario Ltd., which could result in a new "Control Person" of the Company, as such term is defined in the policies of the TSX Venture Exchange. Mr. Sprott is currently an insider of the Company as he beneficially owns 10,221,732 common shares of the Company. If 2176423 Ontario Ltd. exercises its right to convert the debenture in full, Mr. Sprott would have beneficial ownership and/or control or direction over a total of 70,221,732 common shares or approximately 47.9% of the total issued and outstanding common shares of the Company. In assessing the debenture transaction, the board of directors of the Company considered several factors including the availability of capital in the junior mineral exploration sector, the support of Mr. Sprott for the Company to date, the necessity for financing to support the proposed transaction with Explor and Mr. Sprott's reputation in the sector. Based on its review, the board of directors concluded that the transaction was in the best interests of the Company and recommended that it be approved by shareholders at the AGM.

    As a result of current shareholding interest of Mr. Sprott in the Company, the debenture transaction constitutes a related party transaction for the Company under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions ("MI 61-101"). In accordance with MI 61-101, the Company is relying on the exemption from the requirement to obtain a formal valuation for the debenture transaction contained in section 5.5(b) of MI 61-101 on the basis that the Company's securities are not listed on a specified market. The Company will be seeking minority shareholder approval of the debenture transaction at the AGM. The votes attaching to common shares beneficially owned or over which Mr. Sprott has direction and control will be excluded in determining whether or not minority approval for the transaction has been obtained.

About Pure Nickel

Since the start of 2019, Pure Nickel has made strategic steps to expand its focus to include gold and silver exploration. Upon completion of the proposed merger with Explor Resources Inc. (see press released August 22, 2019), the Company will have two advanced staged gold exploration projects - its partnership with Eric Sprott on the Neal Project in Idaho and the Timmins Porcupine West Project in Ontario. Both exploration projects are expected to continue to return positive exploration results and hold the potential to be advanced to production.

For further information:
Pure Nickel Inc.
R. David Russell
Chairman and CEO
T. (416) 644-0066

www.purenickel.com

Forward Looking Statements
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans, and objectives of Pure Nickel are forward-looking statements that involve various risks. The following are important factors that could cause Pure Nickel's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world-wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future exploration activities and cash flows, and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Pure Nickel undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 
#November 12, 2019
Drill Program Commences on Neal Property - a Pure Nickel Project in Partnership with Eric Sprott

 TORONTO: November 12, 2019. Pure Nickel Inc. (TSXV: NIC) (the "Company" or "Pure Nickel") announces that drilling has commenced on its Neal Gold Project located 27 kilometers southeast of Boise, Idaho. The program consists of approximately 1,000 meters of reverse circulation drilling and is designed to target unmined quartz-gold vein structures down-dip and on strike of known historic mines and mineralized structures. Results from this initial exploration program will form the basis for a larger spring, dual reverse circulation and diamond (core), drilling program.

The Company acquired the operating and 51% controlling interest in the Neal Development Limited Partnership ("Neal LP") on May 13, 2019, from Eric Sprott, through 2176423 Ontario Ltd. (a corporation beneficially owned by Mr. Sprott). The Neal LP holds a lease to operate the Neal Gold Project. Pursuant to terms of the acquisition, the Company issued Mr. Sprott 10,221,732 shares of Pure Nickel making him a significant strategic shareholder who currently holds 11.8% of the issued and outstanding shares of the Company. The Company has an option to earn-in an additional 27% interest in the Neal LP. Upon completion of the earn-in option, ownership interest in the Neal LP will be 78% Pure Nickel, 20% Mr. Sprott, and 2% minority party. (See Pure Nickel press releases dated April 30, 2019 and May 13, 2019).

About the Neal Project
The Neal Project (the "Project") is a high-grade gold-dominant vein system with at least five veins known to date. It is located 27 kilometers southeast of Boise, Idaho and has excellent access via improved gravel and dirt roads from Interstate-84. The Project consists of five private patented mining claims covering approximately 22.4 hectares and seven unpatented lode claims covering approximately 50.2 hectares. The Project area contains three historic underground mines.

About Pure Nickel
Since the start of 2019, Pure Nickel has made strategic steps to expand its focus to include gold and silver exploration. Upon completion of the proposed merger with Explor Resources Inc. (see press release dated August 22, 2019), the Company will have two advanced staged gold exploration projects - its partnership with Eric Sprott on the Neal Project in Idaho and the Timmins Porcupine West Project in Ontario. Both exploration projects are expected to continue to return positive exploration results and hold the potential to be advanced to production.

FOR FURTHER INFORMATION:
Pure Nickel Inc.
R. David Russell
Chairman and CEO
T. (416) 644-0066
info@purenickel.com
www.purenickel.com

Forward Looking Statements
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans, and objectives of Pure Nickel are forward-looking statements that involve various risks. The following are important factors that could cause Pure Nickel's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world-wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future exploration activities and cash flows, and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Pure Nickel undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
 
#November 04, 2019
Pure Nickel Announces Appointment of Director James T. O'Neil Jr.

 

TORONTO: November 4, 2019. Pure Nickel Inc. (TSXV: NIC) (the "Company" or "Pure Nickel") announces the appointment of Mr. James T. O'Neil Jr. to the Board of Directors of the Company. Mr. O'Neil is a senior executive with 45 years of experience in the metal mining and processing industry. He has held senior executive positions with major international mining companies Grupo Mexico, ASARCO, and Southern Copper Corporation. Mr. O'Neil has served on the board of directors or in executive positions with several junior mining companies including Gryphon Gold, Jipangu International, Apollo Gold, Rye Patch Gold, Josephine Mining and is currently the CFO of Jerritt Canyon Gold. He holds a Bachelor and Master of Science from Arizona State University and is a Certified Management Accountant (CMA).

"We welcome Jim to the Board of Directors" stated David Russell, the Company's President and CEO. "his experience with developing and operating gold mining companies will be invaluable as we ramp up our gold programs in both Canada and the US."

About Pure Nickel

Since the start of 2019, Pure Nickel has made strategic steps to expand its focus to include gold and silver exploration. Upon completion of the proposed merger with Explor Resources Inc. (see press release dated August 22, 2019), the Company will have two advanced staged gold exploration projects - its partnership with Eric Sprott on the Neal Project in Idaho and the Timmins Porcupine West Project in Ontario. Both exploration projects are expected to continue to return positive exploration results and hold the potential to be advanced to production.

For further information:
Pure Nickel Inc.
R. David Russell
Chairman and CEO
T. (416) 644-0066

www.purenickel.com

Forward Looking Statements
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans, and objectives of Pure Nickel are forward-looking statements that involve various risks. The following are important factors that could cause Pure Nickel’s actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world-wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future exploration activities and cash flows, and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Pure Nickel undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 
#October 24, 2019
Pure Nickel Closes Convertible Debenture Financing

 TORONTO: October 24, 2019. Pure Nickel Inc. (TSXV: NIC) (the "Company" or "Pure Nickel") announces that it has closed a financing (the "Financing") of unsecured convertible debentures ("Debentures") in the amount of $300,000.

The Debentures have a term of one year, bear interest at a rate of 8% per annum, and are convertible into common shares at a price of $0.05 per share. The Financing consisted of 300 units at a price of $1,000 per unit (the "Units"), each Unit consisting of $1,000 of Debentures. The Debentures and shares issuable upon conversion will be subject to a statutory hold period lasting four months and one day following the date of issuance. The Company will use proceeds from the issuance of the Debentures for general corporate purposes and advancement of its mineral properties.

About Pure Nickel Inc.

Since the start of 2019, Pure Nickel has made strategic steps to expand its focus to include gold and silver exploration. Upon completion of the proposed merger with Explor Resources Inc. (see press released August 22, 2019), the Company will have two advanced staged gold exploration projects - its partnership with Eric Sprott on the Neal Project in Idaho and the Timmins Porcupine West Project in Ontario. Both exploration projects are expected to continue to return positive exploration results and hold the potential to be advanced to production.

For further information:
Pure Nickel Inc.
R. David Russell
Chairman and CEO
T. (416) 644-0066

www.purenickel.com

Forward Looking Statements
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans, and objectives of Pure Nickel are forward-looking statements that involve various risks. The following are important factors that could cause Pure Nickel’s actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world-wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future exploration activities and cash flows, and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Pure Nickel undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 
#September 24, 2019
Pure Nickel Closes Private Placement of Units

 TORONTO: September 24, 2019.  Pure Nickel Inc. (TSXV: NIC) (the "Company" or "Pure Nickel") announces that it has completed a non-brokered private placement ("Financing") of 2,000,000 units ("Unit") at a price of $0.05 per Unit for gross proceeds of $100,000. Each Unit consists of one common share ("Common Share") and one-half of one Common Share purchase warrant ("Warrant"), each Warrant entitling the holder to purchase one additional Common Share at an exercise price of $0.12 for a period of two years after closing. All securities issued in conjunction with the Financing are subject to a statutory four month hold period from the date of issue. No commissions, broker fees or finders' fees will be paid in conjunction with the closing of the Financing.

The Company may complete one or more additional tranches of the Financing in the coming weeks. Proceeds from the Financing will be used for general corporate purposes and advancement of exploration plans for the Neal Property. Management of the Company participated in the Financing for a total of 2,000,000 Units. The participation by management is deemed to be a "related party transaction" as defined under Multilateral Instrument 61-101---Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Financing is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 (pursuant to subsections 5.5(a) and 5.7(a)) as the fair market value of the Units distributed to, nor the consideration received from, interested parties exceeded 25% of the Company's market capitalization.

The Company also announces it has fulfilled its obligation, pursuant to the Amalgamation Agreement it signed with Explor Resources Inc.  ("Explor") (see press release dated August 22, 2019), to subscribed for 10,000,000 units of Explor at a price of $0.05 per unit representing a total amount of $500,000. Each unit is comprised of one Explor share and one-half of one common share purchase warrant. Each whole common share purchase warrant will be exercisable into one Explor share at a price of $0.10 per share for a period of 24 months. The securities that will be issued at the closing of the private placement are subject to a hold period ending January 19, 2020. Explor intends to use the funds from the private placement to complete the transaction outlined in the Amalgamation Agreement and for general corporate purposes.

About Pure Nickel
Since the start of 2019, Pure Nickel has made strategic steps to expand its focus to include gold and silver exploration. Upon completion of the proposed merger with Explor (as press released August 22, 2019), the Company will have two advanced staged gold exploration projects - its partnership with Eric Sprott on the Neal Project in Idaho and the Timmins Porcupine West Project in Ontario. Both exploration projects are expected to continue to return positive exploration results and hold the potential to be advanced to production.

For further information:
Pure Nickel Inc.
R. David Russell
Chairman and CEO
T. (416) 644-0066

www.purenickel.com

Forward Looking Statements
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans, and objectives of Pure Nickel are forward-looking statements that involve various risks. The following are important factors that could cause Pure Nickel's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world-wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future exploration activities and cash flows, and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Pure Nickel undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

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This page was created on Fri Dec 13, 2019 at 10:27:42 PM Pacific Time.