|September 09, 2015|
Nickel North Completes Conversion of Convertible Debenture
Nickel North Exploration Corp. (NNX - TSX-Venture Exchange) (the “Company” or “Nickel North”) announces that, further to its news release dated September 9, 2014, it has completed the conversion of an unsecured convertible debenture (the “Debenture”) in the principal amount of $1,000,000 with Sinotech (Hong Kong) Corporation Limited (“Sinotech”). The principal amount of the Debenture matured on September 9, 2015 (the “Maturity Date”) and accrued interest at 8% per annum payable on the Maturity Date.
Pursuant to the terms of the Debenture, the Company has converted the entire principal amount of $1,000,000, 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 the accrued but unpaid interest of $80,000, at conversion price of $0.10 per Share. Therefore, a total of 10,800,000 common shares of the Company were issued to Sinotech.
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”). Before the conversion, Goldrock and Sinotech, together, owned 37,271,860 common shares of the Company (21,271,860 common shares for Goldrock and 16,000,000 common shares for Sinotech), representing approximately 56.71% of the issued and outstanding common shares of the Company.
Following the conversion, SinoTech, together with its affiliated company, Goldrock hold 48,071,860 common shares of the Company, representing approximately 62.82% of the issued and outstanding shares of the Company (based on a total of 76,518,747 common shares issued and outstanding as of September 9, 2015).
About Nickel North Exploration Corp.
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