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North American Nickel Inc. (TSX VENTURE:NAN, OTCBB:WSCRF) announces it has, subject to approval of the TSX Venture Exchange (the “TSX-V”), entered into a term loan (the “Loan”) with its major shareholder The Sentient Group (“Sentient”). According to the news: Pursuant to the terms of the Loan, Sentient will advance C$4.5 million to the Company. These funds will …
North American Nickel Inc. (TSX VENTURE:NAN, OTCBB:WSCRF) announces it has, subject to approval of the TSX Venture Exchange (the “TSX-V”), entered into a term loan (the “Loan”) with its major shareholder The Sentient Group (“Sentient”).
According to the news:
Pursuant to the terms of the Loan, Sentient will advance C$4.5 million to the Company. These funds will enable the Company to make commitments in relation to its planned exploration program for 2016. The Loan is due on April 30, 2017 and has been made on an interest free basis. Subject to approval of the TSX-V, Sentient is to be paid 952,380 common shares in the capital of the Company (the equivalent value of 2.2% of the principal amount of the Loan) as a fee for advancing the Loan. The Loan is subject to early pre-payment in the event that, during the term of the Loan, the Company completes a private placement for gross proceeds of C$2 million or more.