The project has a measured and indicated mineral resource of 722 million pounds (mlb) of contained nickel. Credit: Adwo/Shutterstock.

Flying Nickel Mining has signed a binding letter of intent with Norway House Cree Nation (NHCN) to offload its Minago Nickel project as well as related assets and undertakings in Manitoba, Canada.

In return, NHCN will give up all of its common shares in Flying Nickel.

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The overall consideration will amount to either $7.3m (C$10.05m) in cash and the surrender of 31,015,206 (35.2%) Flying Nickel shares or $8m in cash and the surrender of 17,561,862 (19.9%) Flying Nickel shares.

NHCN currently holds 17,561,862 (19.9%) Flying Nickel shares, while Blackstone Minerals and Sparta collectively hold 13,453,344 (15.3%) Flying Nickel shares.

The proposed transaction awaits the clearance of Flying Nickel shareholders.

Its completion will also be contingent on the fulfilment of conditions outlined in the definitive deal. These include the Flying Nickel board of directors receiving a customary fairness opinion on the proposal in addition to a green light from the court and regulatory authorities.

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No finder’s fee is expected to be paid by either Flying Nickel or NHCN to any party for the proposed deal.

The Minago Nickel project lies in the Thompson Nickel Belt in Manitoba, Canada.

As per an independent mineral resource estimate released in August 2021, this project has a measured and indicated mineral resource of 722mlb of contained nickel and an inferred mineral resource of 319mlb of contained nickel.

All resources are located within a mineral lease, surrounded by 94 mineral claims and a second mineral lease held by the company, spanning 197km² in total.