Nickel One Resources Announces Debt for Equity Exchange
TSX VENTURE: PDM
VANCOUVER, British Columbia, April 10, 2019 (GLOBE NEWSWIRE) -- Nickel One Resources Inc. (TSX-V: NNN) (the “Company” or “Nickel One”) announces that it has agreed to settle outstanding indebtedness with arm’s length parties in the sum of $110,699 by the issuance of 1,006,355 post-consolidation (2,012,710 pre-consolidation) common shares in the capital stock of the Company at a price of $0.11 per share post-consolidation ($0.055 pre-consolidation). The arm’s length parties are consultants and service providers that provided various services to the Company in 2016 and 2017.
Derrick Weyrauch, Interim President and CEO stated, “As at March 27, 2019, the Company had accumulated liabilities from consultants and service providers of approximately $566,000 (unaudited). With the debt settlement announced on March 28, 2019 and today’s announcement, the proforma liabilities related to those service providers, as at March 27, 2019 are reduced by approximately 55% or $311,000 to only $256,000.”
The completion of this transaction is subject to the approval of the TSX Venture Exchange.
About Nickel One:
Nickel One Resources Inc. is a PGE, nickel, copper exploration and development company. Its assets consist of the Lantinen Koillismaa (“LK”) PGE-Ni-Cu project, located in north-central Finland and the Tyko Ni-Cu-PGE property, near Marathon, Ontario, Canada.
ON BEHALF OF THE BOARD:
Interim President & CEO, Director
For further information contact:
Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States of America. The common shares of Nickel One Resources Inc. have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
Information set forth in this press release may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in gold and other commodity prices; title matters; 6 environmental liability claims and insurance; reliance on key personnel; the absence of dividends; competition; dilution; the volatility of our common share price and volume; and tax consequences to U.S. Shareholders. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.