Flying Nickel Mining has signed a definitive deal to sell its Minago Nickel project in Manitoba, Canada, to Norway House Cree Nation (NHCN).
The divestment includes $8m in cash and the transfer of 11.4% of Flying Nickel's outstanding shares currently held by NHCN.
The transaction is structured under the Business Corporations Act of British Columbia and involves a $500,000 escrow deposit.
Upon the sale of the Minago assets, Flying Nickel plans to undergo a rebranding initiative, adopting the new name "CleanTech Vanadium Mining."
Flying Nickel said in a statement: “No finder's fee is expected to be paid by any of Flying Nickel, NHCN or the purchaser to any party in connection with the arrangement.
“The arrangement is also not expected to constitute an arm's length transaction as defined in the policies of the TSXV [Toronto Venture Exchange] for Flying Nickel, due to the shareholding of NHCN as described herein.”
Flying Nickel, an exploration-stage mining company, retains a 100% interest in the Gibellini vanadium project in Nevada, US.
In August 2024, the company acquired Nevada Vanadium Mining, making this a wholly owned subsidiary.
Shareholders of Nevada Vanadium received one common share of Flying Nickel for each share they owned, with the deal resulting in the issuance of 65.9 million shares of Flying Nickel.
