NorthX Nickel Corp. Announces Closing of Non-Brokered Private Placement and Strategic Investment by Mason Resources Inc.
Strategic Investment by Mason Resources Inc. & Wallbridge Mining Pro Rata Participation
- Strategic Investment by Mason Resources Inc. & Wallbridge Mining Pro Rata Participation
Pursuant to the Offering, Mason Resources Inc. (TSXV: LLG) (OTCQX: MGPHF) ("Mason Resources") acquired 4,166,667 Units (the "Strategic Investment"), representing a 14.6% ownership interest in the Company's issued and outstanding Common Shares on a non-diluted basis and 25.5% on a partially diluted basis assuming the exercise in full of the Warrants issued to Mason Resources. - Mason Resources has agreed to restrict its exercise of any Warrants if doing so would result in Mason Resources owning or controlling more than 19.9% of the then issued and outstanding Common Shares.
- In connection with the Strategic Investment, the Company entered into an investor rights agreement (the "IRA") with Mason Resources, pursuant to which Mason Resources has been granted certain rights in the event it maintains minimum ownership thresholds in the Company.
- Simon Marcotte, newly appointed Executive Chairman, added: "Partnering with NorthX Nickel marks a pivotal step forward for Mason Resources.