|September 09, 2014|
Nickel North Completes Private Placement
|Nickel North Exploration Corp. (NNX - TSX-Venture Exchange) (the "Company" or "Nickel North") announces that it has complete a private placement (the "Offering") of an unsecured convertible debenture (the "Debenture") in the principal amount of $1,000,000 with Sinotech (Hong Kong) Corporation Limited ("Sinotech"), as described in its news release dated August 28, 2014. The principal amount of the Debenture will mature on September 9, 2015 (the "Maturity Date") and accrue interest at 8% per annum payable on the Maturity Date. |
At any time after the date that is six months after issuance of the Debenture, the Company may convert all or any part of the principal amount outstanding under the Debenture into common shares in the capital of the Company (each, a "Share") at a conversion price of $0.10 per Share and any accrued but unpaid interest thereon at the greater of $0.10 per Share and the Market Price (as defined in the policies of the TSX Venture Exchange) at the time of conversion.
The proceeds of the Offering are expected to be used by the Company for the exploration program on the Company's Hawk Ridge Project.
The securities issued under the Offering are subject to a hold period expiring on January 10, 2015.
Sinotech is a wholly-owned subsidiary of Sinotech Minerals Exploration Co., Ltd. ("Sinotech Minerals Exploration"). Sinotech Minerals Exploration is a majority owner of Beijing Donia Resources Co., Ltd., which wholly-owns Goldrock Resources Corporation Limited ("Goldrock"). Goldrock and Sinotech, together, own 23,271,860 common shares of the Company (15,271,860 common shares for Goldrock and 8,000,000 common shares for Sinotech), representing approximately 35.4% of the issued and outstanding common shares of the Company. In addition, Goldrock and Sinotech, together, own common share purchase warrants to purchase up to 10,375,000 common shares of the Company (6,375,000 common shares for Goldrock and 4,000,000 common shares for Sinotech).
About Nickel North Exploration Corp.
Nickel North Exploration is a Canadian based explorer focused on defining a Ni-Cu-PGE resource at our Hawk Ridge Project in Northern Quebec. The board of directors, advisor committee and management team are experienced, successful mine finders. The property consists of a 50 km long belt of magmatic Ni-Cu-PGE occurrences covering over 30,658 hectares. The project is located near tidewater. Quebec is a mining friendly jurisdiction. Nickel North Exploration is a conscientious corporate citizen, maintains good relations with Communities and Aboriginal people, and is committed to sustainable development. For more information on the company, please visit www.nickelnorthexploration.com.
On behalf of Nickel North Exploration Corp.
Andrew Lee Smith, Interim President and CEO
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