PNR completes the Exclusivity MOU with the Liquidator
06 April 2021
North American Nickel Inc. announced that Premium Nickel Resources (PNR) has completed the Exclusivity Memorandum of Understanding (MOU) with the Liquidator which will govern a six-month exclusivity period to complete additional due diligence and related purchase agreements on the Botswana nickel-copper-cobalt (Ni-Cu-Co) assets formerly operated by BCL Limited (BCL).
PNR has announced that they will now begin an estimated six-month systematic due diligence program. During this period, PNR will complete an environmental assessment, a metallurgical study, a review of legal and social responsibilities, a review of the mine closure and rehabilitation plans and an on-site inspection of the legacy mining infrastructure and equipment that has been under care & maintenance. Concurrent with this due diligence program PNR will negotiate definitive agreements on the prioritized assets that will be included in the asset purchase agreement with the Liquidator.
NAN maintains a 10% ownership position of PNR and has a 5-year Warrant to purchase an additional 15% of PNR for USD 10M. In addition, NAN provides technical and management support to PNR through Services and Consulting Agreements.