The TSX Venture Exchange has accepted for filing a share exchange agreement dated March 4, 2024, between the company, an arm's-length party (the vendor) and the vendor's shareholders, whereby the company will purchase all of the issued and outstanding shares of the vendor. After the completion of the transaction, the vendor will be a wholly owned subsidiary of the company. The vendor owns a 100-per-cent interest in 13 mining licences (695 claims) known as the Pipestone nickel property, located in the province of Newfoundland and Labrador.

Pursuant to the terms of the agreement, the company will issue in aggregate 15,690,001 shares to the shareholders. The shares are subject to a three-year lock-up period, with 10 per cent of the shares being released to the shareholders on closing and 15 per cent of the shares to be released every six months thereafter. Certain shareholders will retain a royalty on the property equal to 2 per cent of net smelter return.

For further details, please refer to the company's news releases dated March 5, 2024, and March 15, 2024.