Conic Adds C$6.9 Million in Cash
September 17 2020 - 4:00PM
Business Wire
Conic Metals Corp. (“Conic” or the “Company”)
(TSXV: NKL) is pleased to announce that it has added C$6.9
million of cash to its balance sheet by, after approval of its
independent board members, monetizing the 3.98 million shares that
the Company owned in Giga Metals Corp. (“Giga Shares”).
“Conic has significantly improved its balance sheet with the
execution of this sale,” stated Justin Cochrane, Conic’s President
& CEO. “We continue to hold a 2.0% NSR royalty on Giga’s
Turnagain property and believe that Turnagain has a unique
opportunity to be a green source of Nickel for decades to
automakers and battery makers as electric vehicles and energy
storage systems continue to gain traction.”
Following the sale, the Company now has approximately US$8.2
million of consolidated cash.
About Conic
Conic Metals Corp. is a base metals company offering direct
exposure to nickel and cobalt, both being critical elements of
electric vehicles and energy storage systems. Conic holds an 8.56%
joint-venture interest in the producing, long-life and world-class
Ramu Nickel-Cobalt Operation located in Papua New Guinea which
provides Conic with significant attributable nickel and cobalt
production. In addition, Conic manages a portfolio of 11 nickel and
cobalt royalties on advanced/development and exploration projects
in Canada and Australia. Conic will continue to invest in a battery
metals-focused portfolio of streams, royalties and direct interests
in mineral properties containing battery metals.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain information which constitutes
‘forward-looking statements’ and ‘forward-looking information’
within the meaning of applicable Canadian securities laws. Any
statements that are contained in this news release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward-looking statements are often identified by
terms such as “may”, “should”, “anticipate”, “expect”, “potential”,
“believe”, “intend” or the negative of these terms and similar
expressions. Forward-looking statements in this news release
include, but are not limited to: statements with respect to the
proceeds received from the sale of the Giga Shares; statements with
respect to operational and financial results and cash balances;
statements with respect to the prospects of nickel and cobalt in
the global electrification of vehicles; and statements with respect
to the business and assets of Conic and its strategy going forward.
Readers are cautioned not to place undue reliance on
forward-looking statements. Forward-looking statements involve
known and unknown risks and uncertainties, most of which are beyond
the Company’s control. Should one or more of the risks or
uncertainties underlying these forward-looking statements
materialize, or should assumptions underlying the forward-looking
statements prove incorrect, actual results, performance or
achievements could vary materially from those expressed or implied
by the forward-looking statements.
The forward-looking statements contained herein are made as of
the date of this release and, other than as required by applicable
securities laws, the Company does not assume any obligation to
update or revise them to reflect new events or circumstances. The
forward-looking statements contained in this release are expressly
qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. No securities regulatory authority has
either approved or disapproved of the contents of this news
release.
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version on businesswire.com: https://www.businesswire.com/news/home/20200917005918/en/
Investor Contact: Justin Cochrane Tel:
647.846.7765 Email: info@conicmetals.com
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