Archer Exploration completes acquisition of nickel assets from Wallbridge Mining

The nickel assets consist of 2046 mining titles covering approximately 67 000 ha. and include a 100% interest in the Grasset nickel sulfide project located in Quebec. As previously announced on 14 September 2022, the nickel assets also included cash in the amount of CAN$2 652 997 representing proceeds received by Wallbridge following the sale of certain shares it held in Lonmin Canada Inc.

As consideration for the nickel assets, the company issued to Wallbridge 66 211 929 common shares with an aggregate deemed value of approximately CAN$53.6 million. Archer also granted to Wallbridge a 2% net smelter return royalty on production from the Grasset project.

In connection with the asset acquisition, the company entered into a finder’s fee agreement with two arm’s length parties. As compensation for the Finders’ introduction of the company and Wallbridge, Archer issued to the finders 1 655 298 common shares of Archer (representing 2.5% of the number of Consideration Shares). The common shares issued to the finders are subject to voluntary escrow and will be released over a period of two years after the closing date.

Tom Meyer, Archer’s President and Chief Executive Officer, said:

“We are very grateful to our new and existing shareholders for their support and look forward to creating value for all stakeholders as we advance our exploration plans within our exciting portfolio of nickel sulfide projects at Grasset in Quebec and in the Sudbury camp. We believe this acquisition will establish Archer as a leading Canadian nickel sulfide focused exploration and development company.”

Read the article online at: https://www.globalminingreview.com/exploration-development/21112022/archer-exploration-completes-acquisition-of-nickle-assets-from-wallbridge-mining/