Nickel North Exploration Corp (TSX-V:NNX) said it has the conditional approval of the TSX Venture Exchange to sell its 100% stake in the Hawk Ridge Project in northeastern Quebec to 1844 Resources Inc.
The planned sale, originally announced on March 6, was for a series of cash payments, share issuances and funding of exploration expenditures, separated into five phases.
The transaction is subject to the final approval of the exchange and Nickel North shareholders. The company is required to receive lock-up and support agreements from shareholders holding not less than 60% of its shares.
Hawk Ridge consists of 411 claims covering 179 square kilometers over a 50-kilometer belt in Ungava Bay, located North of Kuujjuaq, with direct access to tidewater on the east coast of Quebec. The project is known for its nickel and copper content.
1844 Resources CEO Sylvain Laberge said in a March 6 statement that the option agreement is transformational for the company.
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