TORONTO--(BUSINESS WIRE)--Nickel 28 Capital Corp. (“Nickel 28” or the “Company”) (TSXV:NKL) (FSE:3JC) is pleased to announce that the TSX Venture Exchange has accepted the Company's notice to implement a normal course issuer bid ("NCIB") to purchase, for cancellation, up to 7,478,209 of its common shares, representing 8.7% of Nickel 28’s common shares (calculated in accordance with the rules of the TSX-V), over a twelve month period commencing on July 2, 2021. The NCIB will expire no later than July 1, 2022. Nickel 28 has entered into an exclusive agreement with Haywood Securities Inc. to conduct the NCIB on behalf of the Company.
All purchases made pursuant to the NCIB will be made through the facilities of the TSX Venture Exchange or alternative Canadian trading systems, in open market transactions or by such other means as may be permitted under applicable securities laws. The price that Nickel 28 will pay for common shares in open market transactions will be the market price at the time of purchase. The actual number of common shares which may be purchased, and the timing of such purchases, will be determined by Nickel 28. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors.
Any daily purchases on the TSX Venture Exchange under the NCIB will be subject to all limitations as set forth in the TSX Venture Exchange rules. As of June 28, 2021, the Company has 85,701,844 common shares issued and outstanding. All Shares purchased by Nickel 28 under the NCIB will be cancelled.
Nickel 28 is commencing the NCIB because in the opinion of management and the board of directors of the Company, the common shares have recently traded in a price range that represents a substantial discount to the Company's net asset value and does not reflect the underlying value of the Company.
About Nickel 28
Nickel 28 Capital Corp. is a nickel-cobalt producer through its 8.56% joint-venture interest in the producing, long-life and world-class Ramu Nickel-Cobalt Operation located in Papua New Guinea. Ramu provides Nickel 28 with significant attributable nickel and cobalt production thereby offering our shareholders direct exposure to two metals which are critical to the adoption of electric vehicles. In addition, Nickel 28 manages a portfolio of 13 nickel and cobalt royalties on development and exploration projects in Canada, Australia and Papua New Guinea.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain information which constitutes ‘forward-looking statements’ and ‘forward-looking information’ within the meaning of applicable Canadian securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to: statements with respect to the proposed NCIB; and statements with respect to the business and assets of Nickel 28 and its strategy going forward. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, most of which are beyond the Company’s control. Should one or more of the risks or uncertainties underlying these forward-looking statements materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements.
The forward-looking statements contained herein are made as of the date of this release and, other than as required by applicable securities laws, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. The forward-looking statements contained in this release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No securities regulatory authority has either approved or disapproved of the contents of this news release.