TORONTO, Feb. 24, 2021 /CNW/ - Canada Nickel Company Inc.
("Canada Nickel" or the "Company") (TSXV: CNC)
(OTCQB: CNIKF) is pleased to announce that it has granted an
aggregate of 265,000 restricted stock units ("RSUs") and an
aggregate of 540,000 options to certain officers and directors of
the Company as a long-term incentive and 2020 annual performance
awards, all in accordance with its restricted share unit plan (the
"RSU Plan") and option plan. The options vest over three
years, are exercisable at a price of $3.63 per share and expire five years from the
date of grant. The RSUs vest one year from the date of grant.
"This week marks our first anniversary for what has been an
outstanding year as a public company. At our founding, each
member of our management team elected to receive a portion of their
salary in equity, and this year we are pleased to offer a Salary
Equity Incentive Program to all employees. All of the
Company's senior management have elected to maximize their
participation in this program. As CEO, I will participate to
the maximum extent by again taking one-third of my salary in
equity. In addition, I have extended the redemption date of my 2020
RSUs by one year. Our team is looking forward to an equally
exciting 2021."
The Company is also pleased to announce that it has implemented
a salary investment incentive program (the "Salary Incentive
Program") under which employees and key consultants may elect
to receive up to 33% of their base annual compensation in equity as
share-settled RSUs based on a share price value of $3.63 granted under the terms of its RSU Plan
(the "Elected Amount"). The Company will top-up Elected
Amounts by 10%, subject to the limitations under the RSU Plan. The
Salary Incentive Program is intended to align the interests of
employees, consultants and directors with those interests of the
Company. An aggregate of 84,711 RSUs, which will vest one year from
the date of grant, have been granted to certain directors and
officers of the Company under this program.
In addition, the Company has implemented an RSU rollover
arrangement under which holders of RSUs granted in March 2020 and scheduled to be redeemed in
March 2021 are being provided with
the option to extend the applicable redemption date of the RSUs by
twelve months in exchange for a supplemental grant equal to 10% of
the number of extended RSUs. The newly-issued RSUs will vest one
year from the date of grant. 147,050 RSUs have been granted under
these arrangements to certain directors and officers.
Finally, the Company has agreed to issue a total of 135,000
common shares in settlement of $472,500 owing to certain service providers,
subject to approval of the TSX Venture Exchange. Such shares will
be subject to a four month hold under applicable securities
laws.
About Canada Nickel Company
Canada Nickel Company Inc. is advancing the next generation of
nickel-cobalt sulphide projects to deliver nickel and cobalt
required to feed the high growth electric vehicle and stainless
steel markets. Canada Nickel Company has applied in multiple
jurisdictions to trademark the terms NetZero NickelTM,
NetZero CobaltTM, NetZero IronTM and is
pursuing the development of processes to allow the production of
net zero carbon nickel, cobalt, and iron products. Canada Nickel
provides investors with leverage to nickel and cobalt in low
political risk jurisdictions. Canada Nickel is currently anchored
by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project
in the heart of the prolific Timmins-Cochrane mining camp.
Cautionary Statement Concerning Forward-Looking
Statements
This press release contains certain information that may
constitute "forward-looking information" under applicable Canadian
securities legislation. Forward looking information includes, but
is not limited to, future exploration and development
results, and corporate and technical objectives. Forward-looking
information is necessarily based upon a number of assumptions that,
while considered reasonable, are subject to known and unknown
risks, uncertainties, and other factors which may cause the actual
results and future events to differ materially from those expressed
or implied by such forward-looking information. Factors that could
affect the outcome include, among others: future prices and the
supply of metals, the future demand for metals, the results
of drilling, inability to raise the money necessary to incur the
expenditures required to retain and advance the property,
environmental liabilities (known and unknown), general business,
economic, competitive, political and social uncertainties, results
of exploration programs, risks of the mining industry, delays in
obtaining governmental approvals, failure to obtain regulatory or
shareholder approvals, and the impact of COVID-19 related
disruptions in relation to the Company's business operations
including upon its employees, suppliers, facilities and other
stakeholders. There can be no assurance that such information
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on
forward-looking information. All forward-looking information
contained in this press release is given as of the date hereof and
is based upon the opinions and estimates of management and
information available to management as at the date hereof. Canada
Nickel disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
law.
SOURCE Canada Nickel Company Inc.