Nearctic Nickel Mines Inc. Places $1,000,000 Convertible Debentureadmin
The Board of Directors of Nearctic Nickel Mines Inc. announce that it has placed a $1,000,000 convertible debenture with Pinetree Resource Partnership. The debenture has a two year term and bears interest at 12% p.a., payable in Units, each Unit having a value of $0.40 and comprised of one common share and one common share purchase warrant. The debenture is convertible into Company Units at a price of $0.40 each, each Unit to comprise one common share and one 5 year common share purchase warrant exercisable for one common share, at a price of $0.75 per share.
The Corporation, through an indirect subsidiary has a 30% interest in the Expo Ungava property on which Canadian Royalties Inc. “CRI” has spent or committed $175 million in mine building to date. CRI announced August 5, 2008 that it would be only continuing with essential construction until it was able to secure the financing required to complete building the mine.