VANCOUVER, BC, June 27,
2024 /CNW/ - Blackstone Minerals Limited
("Blackstone"), Sparta AG ("Sparta") and Norway House Cree Nation
("NHCN", and together with Jim
Rondeau1, Blackstone and Sparta the "Concerned Shareholders"),
collectively own 35.5% of the common shares ("FN
Shares") of Flying Nickel Mining Corp. ("Flying
Nickel") (TSXV: FLYN) (OTCQB: FLYNF). The Concerned
Shareholders DO NOT SUPPORT either the proposed plan of
arrangement pursuant to which Flying Nickel would acquire all of
the issued and outstanding common shares of Nevada Vanadium Mining
Corp. (the "NV Merger") or three of the four board nominees
proposed by Flying Nickel (the "Flying Nickel Slate"). The
NV Merger and Flying Nickel Slate will be considered at the annual
general and special meeting of Flying Nickel currently scheduled to
take place on July 10, 2024 (the
"Meeting").
The Concerned Shareholders encourage Flying Nickel
shareholders to vote "against" the NV Merger, and "withhold" the
Flying Nickel Slate. See "How to Vote AGAINST the NV Merger
and FOR the Concerned Shareholders Nominees" below for guidance
on how to vote using the form of proxy or voting instruction form
that you received from Flying Nickel with your materials for the
Meeting.
The Concerned Shareholders intend to propose and vote in favour
of an alternate slate of four directors (the "Concerned
Shareholders Nominees") to include Mr. Neil Duboff,2 as NHCN's board
nominee, together with Mr. Andrew Strickland FAusIMM, Mr.
Scott Williamson and Mr. Rhett Brans
who will add additional mine development and operating experience
to the board. For additional details on the Concerned Shareholders
Nominees, see "Concerned Shareholders Nominees -
Biographies" below.
Flying Nickel Shareholders that would like to vote FOR
the Concerned Shareholders Nominees should contact the Concerned
Shareholders' proxy solicitation agent, Carson Proxy, at North
American Toll-free: 1-888-511-1228, local or text: 416-804-0825 or
by email at christine@carsonproxy.com.
Scott Williamson, Managing
Director and CEO of Blackstone said: "Flying Nickel needs a
fresh start, and an opportunity to realise the true value of the
Minago Project and benefits of working closely with NHCN. Voting
against the NV Merger and against the Flying Nickel Slate, and in
favour of the Concerned Shareholders Nominees is the only option
that will lead to shareholder returns and a clear path forward for
the Minago Project."
Chief and Council of NHCN agree with Blackstone and Sparta that the NV Merger is not in the best
interests of Flying Nickel or its shareholders, and that the Flying
Nickel Slate should not be elected; instead, the Concerned
Shareholders Nominees should be elected. NHCN has filed an updated
early warning report in connection with this press release, as the
Concerned Shareholders may be considered joint actors in relation
to matters being considered at the Meeting. NHCN has ownership or
control or direction over 17,561,862 FN Shares representing
approximately 19.9% of the FN Shares, and together with
Jim
Rondeau3, Blackstone4 and
Sparta5, an aggregate
of 31,277,206 FN Shares representing approximately 35.5% of
the FN Shares are owned or controlled by the Concerned Shareholders
as a group. The Concerned Shareholders control 6,574,311 warrants
and 50,000 options. There has been no trade in any FN Shares,
and no transaction involving a change of ownership or control of FN
Shares that has triggered the requirement to file an updated early
warning report.
Blackstone and Sparta's
relationship with Flying Nickel
Blackstone is developing the Ta Khoa Nickel Refinery in
Vietnam, and considers the Minago
nickel project ("Minago Project") as a desirable long-term
feedstock opportunity. Minago is a large, world-class nickel
deposit, from an IRA compliant jurisdiction, low in contaminants.
It is in the traditional territory of NHCN, who are supportive
of the Minago Project development.
Blackstone and Sparta
participated in the Flying Nickel IPO in 2022 and have been strong
supporters of Flying Nickel, participating in subsequent capital
raisings. Blackstone's investment in Flying Nickel was made to
secure a strategic position in the Minago Project and to have input
into the development studies. Initially this relationship worked
well, however, around the time of the proposed NV Merger, progress
meetings stopped and the working relationship between the groups
deteriorated. In 2023, Blackstone visited central Manitoba as part of its due diligence for the
Wabowden project option deal.
Blackstone notified Flying Nickel that it would be driving past the
Minago site and requested a site visit. Flying Nickel refused, as
they claimed they did not have the people available to coordinate
an investor site visit. When Blackstone drove past the site, the
access road looked disused and overgrown. It was obvious that
the Minago Project was not progressing.
NHCN's relationship with Flying Nickel
The Minago Project, the only material property held by Flying
Nickel, is located in NHCN traditional territory. NHCN supports the
environmentally responsible development of the Minago Project, and
the creation of jobs and economic prosperity that in turn will flow
to the NHCN community as a whole.
For over three years, NHCN has worked to establish a
cooperative, respectful and mutually beneficial long-term
relationship with Flying Nickel. NHCN has been integral in moving
the Minago Project forward. NHCN has worked throughout 2022 and
2023 with Flying Nickel and its environmental consultant to assist
with the Province of Manitoba's
consultation process, helped to organize multiple public and
stakeholder meetings in Norway
House, Grand Rapids and
Moose Lake and invested directly
in Flying Nickel.
NHCN has supported Flying Nickel as a nation with Aboriginal
rights, as an environmental steward with provincial government
insight, as a proximate community with capable employees, and as a
shareholder with financing. However, recent developments and
strategic decisions by Flying Nickel, particularly the proposed NV
Merger, have raised significant concerns for NHCN. NHCN remains
singularly focussed on moving the Minago Project forward. The
Minago Project, most likely, will not receive any government
support or approval without the full support of NHCN.
NV Merger Concerns
The Concerned Shareholders do not support the NV Merger
for the following reasons:
1.
Negative impact on job creation and economic prosperity
NHCN has an Impact and Benefit Agreement ("IBA") with
Flying Nickel, which is crucial for fostering economic
opportunities and job creation within NHCN. The nation is deeply
concerned that if the NV Merger is approved, management of Flying
Nickel will continue to be distracted from progressing the Minago
Project. NHCN worries that the NV Merger will diminish the
obligations of Flying Nickel set out in the IBA, adversely
affecting the Minago Project's development, as well as the nation's
economic future and social well-being.
2.
Driver behind the NV Merger is liquidity for Nevada Vanadium
Shareholders
The primary driver behind the NV Merger appears to be the
liquidity benefits for Nevada Vanadium shareholders, rather than
the strategic or financial benefits for Flying Nickel and its
shareholders.
Contrary to Flying Nickel's assertions, the Concerned
Shareholders believe that the NV Merger will not enhance trading
liquidity. Nevada Vanadium and Flying Nickel were each spun out
from Silver Elephant Mining Corp. on January
14, 2022, with a proposal to recombine these entities a mere
10 months later. The NV Merger seems to be more of a corporate
reorganization for the appearance of progress rather than
actual progress on development of the Minago Project or
advancement of the profit-generation capabilities of Flying
Nickel.
As of December 31, 2023, Flying
Nickel had receivables from related parties (including Silver
Elephant Mining Corp., Nevada Vanadium and Oracle Mining Corp.)
totalling $1,800,000. The NV Merger
will add unnecessary expenses to Flying Nickel's balance sheet,
further straining Flying Nickel's financial health.
There are many common shareholders, directors and officers
amongst Flying Nickel, Nevada Vanadium, Silver Elephant Mining
Corp. and Oracle Mining Corp., and the interests of that select
group are being placed ahead of the interests of Flying Nickel
shareholders as a whole.
3.
Flying Nickel's ability to move the Nevada Vanadium mine
forward
The Concerned Shareholders believe that if the NV Merger is
approved, Flying Nickel will be spread too thin across two
early-stage assets. The reality is that the Flying Nickel
shareholders are, and have been, disappointed with the lack of
progress with the Minago Project. Another project in its infancy is
well beyond Flying Nickel's current management's demonstrated
capacity. Adding Nevada Vanadium to Flying Nickel's portfolio will
require extensive capital to fund two exploration properties with
different minerals in two different countries with minimal
synergies. Flying Nickel has consistently shown a lack of focus
moving the Minago Project forward and the Concerned
Shareholders worry that this lack of focus will worsen with the
addition of another mine located in another country.
4.
Fairness opinions on the NV Merger are outdated
The fairness opinions supporting the NV Merger are as of
October 6, 2022, and as such are
outdated and do not reflect the current financial realities. The
most significant factor is the basis of commodity price
assumptions. Relying on these opinions is misleading and fails to
provide an accurate and current assessment of the merger's
impact.
5.
Shareholder Value Decline and Shareholder Dilution
The day before the NV Merger was first announced, FN Shares
closed at $0.195, and yesterday's
closing price was $0.10, marking a
50% decline in value. As Nevada Vanadium is not a publicly traded
company, no information has been provided in the 20 months since
the announcement of the NV Merger in respect of its current value.
In addition, Flying Nickel shareholders will be diluted by
approximately 43%, while certain insiders who hold shares in both
Flying Nickel and Nevada Vanadium will increase their shareholdings
of the resulting company. The NV Merger benefits a select group of
insiders, and is not in the best interests of Flying Nickel or its
shareholders.
6.
Irregular Behaviour and NV Merger Terms
It has taken the Flying Nickel management team 20 months to
bring the NV Merger to Flying Nickel shareholders, an unprecedented
period of time that has inhibited Flying Nickel's management from
meaningfully considering alternative transactions. This is in part
due to an off-market break fee of $2
million, representing approximately 23% of the Flying Nickel
implied value as of May 24, 2024. In
addition, in the week leading up to the record date for the
Meeting, an insider from Nevada Vanadium swapped shares with an
insider of Flying Nickel, which in turn lowered the number of FN
Shares excluded from the majority of minority vote. Irregular
actions like these erode the Concerned Shareholders' trust and
confidence in Flying Nickel management, and the Concerned
Shareholders do not believe the NV Merger will benefit the
development of the Minago Project, Flying Nickel Shareholders, NHCN
or its people.
Flying Nickel Slate Concerns
The Concerned Shareholders do not support the Flying
Nickel Slate for the following reasons:
1.
Mismanagement of Flying Nickel
Flying Nickel's troubled history with the Minago Project,
including its failure to achieve projected outcomes, raises
significant doubts about its capability to successfully manage
Nevada Vanadium's Gibellini mine. The same management team, led by
John Lee, is now proposing the NV
Merger, despite a demonstrated lack of strategic planning,
financial oversight and demonstrable successes.
Between December 2020 and
December 2023, Flying Nickel raised a
total of $10.5 million and spent
$10.0 million. Of this spend, just
$1.8 million was spent on exploration
and drilling on the Minago Project, and a further $1.2 million was spent on a feasibility study
which has never been released. Only 30% of the money raised was
utilized to move the Minago Project forward while 70% was utilized
for other purposes.6
2.
Incomplete disclosure by Flying Nickel
Flying Nickel has failed to provide comprehensive and accurate
disclosure to its shareholders, thereby preventing them from making
fully informed decisions. The incomplete information about Flying
Nickel's operations and financial status is unacceptable and
undermines shareholder trust, particularly NHCN's.
Concerned Shareholders Nominees
Name and Province or
State,
and Country of Residence
|
Principal Occupation
for the
Five Preceding
Years
|
Number of FN
Shares
Beneficially Owned,
or
Controlled or
Directed, Directly
or
Indirectly
|
Neil
Duboff7
Manitoba,
Canada
|
Managing Partner,
Duboff
Edwards Schachter
Law Corp.
|
Nil
|
Andrew
Strickland
Perth, Western
Australia
|
Mining Executive,
Projects and
Mergers &
Acquisitions,
Blackstone,
Senior Study Manager
GR
Engineering
Services
|
Nil
|
Rhett Brans
Perth, Western
Australia
|
Mining Executive /
Non
Executive Director,
Project
Development, Various
ASX
mining
companies
|
Nil
|
Scott
Williamson
Perth, Western
Australia
|
Managing Director &
CEO, Blackstone
|
Nil
|
Concerned Shareholders Nominees - Biographies
Neil Duboff (Non Executive
Director)
Neil Duboff is the Managing
Partner of the Winnipeg-based law
firm Duboff Edwards Haight & Schachter and has been practising
law since 1985. His practice is focused primarily in the areas of
corporate structuring, acquisitions and financing and Aboriginal
law with an emphasis on taxation, trusts, Governments and
Associations. Prior to this, Mr. Duboff was a bank manager at the
Bank of Montreal from 1979 to
1984. He holds a Bachelor of Arts in Economics and a Bachelor of
Law from the University of Manitoba.
Mr. Duboff acts for many First Nations across the country, as well
as banks, First Nations development companies and First Nations
businesses.
Andrew Strickland (Non
Executive Director)
Andrew Strickland is a mining
executive with over 20 years experience. Mr. Strickland is a
University of Western Australia MBA graduate, with degrees in
Chemical Engineering and Extractive Metallurgy. He is a Fellow of
the Australian Institute of Mining and Metallurgy. He is currently
a Non-executive Director of Corazon Mining Limited an ASX-listed
nickel developer which owns the Lynn
Lake deposit in northern Manitoba. Mr. Strickland has extensive
experience in developing mining operations around the and has
strong connections for accessing capital markets and potential
strategic investors from Japan and
South Korea. Mr. Strickland is
very familiar with the Minago Project, and has strong connections
through Manitoba and Canada. He was responsible for the recent
Blackstone Wabowden project option deal.
Mr. Strickland would step back from his current role as an
Executive at Blackstone to focus on leading the development of the
Minago Project.
Rhett Brans (Independent Non-Executive Director)
Rhett Brans is an experienced director and civil engineer with
over 50 years' experience in project developments. He is currently
a Non-Executive Director of Carnavale Resources Ltd and AVZ
Minerals Ltd. Previously, Mr. Brans was a founding director of
Perseus Mining Limited and served on the boards of Australian
Potash, Syrah Resources Limited, Tiger Resources Limited and
Monument Mining Limited.
Throughout his career, Mr. Brans has been involved in the
management of feasibility studies and the design and construction
of mineral treatment plants across a range of commodities and
geographies including gold in Ghana, copper in Australia and the DRC and graphite in
Mozambique. He has extensive
experience as an owner's representative for several successful mine
feasibility studies and project developments.
Scott Williamson
(Non-Executive Director)
Scott Williamson is a mining
engineer with a Commerce degree from the West Australian School of
Mines and Curtin University. Mr.
Williamson has over 20 years' experience in financing, developing
and operating mines across multiple jurisdictions. Mr. Williamson
has been the Managing Director and CEO of Blackstone since 2017 and
during this time has established strategic relationships within the
Lithium-ion battery and electric vehicle supply chain. Mr.
Williamson is currently a Non-Executive Director of Leeuwin Metals
Limited, an ASX-listed nickel and lithium developer in Manitoba. Mr. Williamson has experience in
mining engineering, corporate finance and investor relations
offering a unique blend of both corporate and technical
capabilities.
Boards of Other Reporting Issuers on Which the Concerned
Shareholders Nominees Serve
Concerned
Shareholders Nominee
|
Boards of Other
Reporting Issuers on Which the
Concerned
Shareholders Nominee Serves
|
Neil Duboff
|
N/A
|
Andrew
Strickland
|
Corazon Mining Limited
(ASX:CZN)
|
Rhett Brans
|
Carnavale Resources Ltd
(ASX:CAV)
AVZ Minerals Ltd.
(ASX:AVZ)
|
Scott
Williamson
|
Blackstone Minerals Ltd
(ASX:BSX)
Leeuwin Metals Ltd
(ASX:LM1)
|
Based on information provided to the Concerned Shareholders by
each respective Concerned Shareholders Nominee, all of the nominees
are independent of Flying Nickel.
Based on information provided to the Concerned Shareholders by
each respective Concerned Shareholders Nominee, none of the
Concerned Shareholders Nominees: (a) is, at the date hereof, or has
been within the previous 10 years, a director, chief executive
officer or chief financial officer of any company (including Flying
Nickel) that (i) was subject to an a cease trade order, an order
similar to a cease trade order or an order that denied the relevant
company access to any exemption under securities legislation, that
was in effect for a period of more than 30 consecutive days (each,
an "order") that was issued while such Concerned Shareholders
Nominee was acting in the capacity as director, chief executive
officer or chief financial officer, or (ii) was subject to an order
that was issued after such Concerned Shareholders Nominee ceased to
be a director, chief executive officer or chief financial officer
and which resulted from an event that occurred while such Concerned
Shareholders Nominee was acting in the capacity as director, chief
executive officer or chief financial officer; (b) is, at the date
hereof, or has been within the previous 10 years, a director or
executive officer of any company (including Flying Nickel) that,
while such Concerned Shareholders Nominee was acting in that
capacity, or within a year of such Concerned Shareholders Nominee
ceasing to act in that capacity, became bankrupt, made a proposal
under any legislation relating to bankruptcy or insolvency or was
subject to or instituted any proceedings, arrangement or compromise
with creditors or had a receiver, receiver manager or trustee
appointed to hold its assets; or (c) has within the previous 10
years, become bankrupt, made a proposal under any legislation
relating to bankruptcy or insolvency, or become subject to or
instituted any proceedings, arrangement or compromise with
creditors, or had a receiver, receiver manager or trustee appointed
to hold the assets of such Concerned Shareholders Nominee.
Based on information provided to the Concerned Shareholders by
each respective Concerned Shareholders Nominee, none of the
Concerned Shareholders Nominees has been subject to: (a) any
penalties or sanctions imposed by a court relating to securities
legislation or by a securities regulatory authority or has entered
into a settlement agreement with a securities regulatory authority;
or (b) any other penalties or sanctions imposed by a court or
regulatory body that would likely be considered important to a
reasonable securityholder in deciding whether to vote for a
Concerned Shareholder Nominee. Based on information provided to the
Concerned Shareholders by each respective Concerned Shareholders
Nominee, none of the Concerned Shareholders Nominees or their
respective associates or affiliates has: (a) any material interest,
direct or indirect, in any transaction since the commencement of
Flying Nickel's most recently completed financial year or in any
proposed transaction which has materially affected or would
materially affect Flying Nickel or any of its subsidiaries; or (b)
any material interest, direct or indirect, by way of beneficial
ownership of securities or otherwise, in any matter to be acted on
at the Meeting, other than the removal of certain incumbent
directors and the election of directors to fill the vacancies
created by such removals.
How to Vote AGAINST the NV Merger and FOR the Concerned
Shareholders Nominees
You can vote for the Concerned Shareholders Nominees using the
form of proxy or voting instruction form that you received from
Flying Nickel with your materials for the Meeting by:
- inserting the name "Michael Ly" or "Jamie Kagan" (the Concerned Shareholders'
Representatives) as your proxyholder in the appointee line on the
reverse side of the proxy form or voting instruction form; and
- properly signing, dating and returning your form of proxy or
voting instruction form by carefully following the instructions
provided on your form of proxy or voting instruction
form. Please do not check any boxes.
To ensure that your vote is received please vote well in advance
of the proxy vote deadline on 10:30 a.m. (Pacific Standard
Time) on July 8, 2024 or 48 hours
(other than a Saturday, Sunday or holiday) prior to the Meeting (or
any earlier deadline indicated by your broker).
Flying Nickel Shareholders that would like to vote
"FOR" the Concerned Shareholders Nominees should contact the
Concerned Shareholders' proxy solicitation agent, Carson Proxy, at
North American Toll-free: 1-888-511-1228, local or text:
416-804-0825 or by email at christine@carsonproxy.com.
If you appoint the Michael Ly or Jamie Kagan as your proxyholder with
discretionary authority for the election of directors and in
respect of the NV Merger, your FN Shares will be voted as
follows:
- FOR the Number of Directors (to be fixed at
four).
- WITHOLD the Election of the Flying Nickel Slate –
FOR the election of the Concerned Shareholders Nominees.
- FOR the Appointment of Auditors.
- FOR the Incentive Plan.
- AGAINST the Arrangement Resolution.
- AGAINST the Name Change Resolution.
Even if you have already voted for nominees on the Flying Nickel
Slate and for the NV Merger, you can change your vote by executing
another form of proxy bearing a later date and depositing it prior
to 10:30 a.m. (Pacific Standard Time)
on July 8, 2024. For assistance with
voting or changing your vote, please contact the Concerned
Shareholders' proxy solicitation agent, Carson Proxy, at North
American Toll-free: 1-888-511-1228, local or text: 416-804-0825 or
by email at christine@carsonproxy.com.
Information in Support of Public Broadcast
Solicitation
The following information is provided in accordance with
Canadian corporate and securities laws applicable to public
broadcast solicitations. The Concerned Shareholders are relying on
the exemption under section 9.2(4) of National Instrument 51-102 –
Continuous Disclosure Obligations ("NI 51-102") to
make this public broadcast solicitation.
This solicitation is being made by the Concerned Shareholders
and not by or on behalf of the management of Flying Nickel. The
head and registered office address of Flying Nickel is Suite 1610 –
409 Granville Street Vancouver, BC
V6C 1T2. The Concerned Shareholders do not have any associate or
affiliate assisting with this solicitation. The Concerned
Shareholders have filed this press release containing the
information required by section 9.2(4)(c) of NI 51-102 on Flying
Nickel's company profile on SEDAR+ at www.sedarplus.ca.
The Concerned Shareholders may solicit proxies in reliance upon
the public broadcast exemption to the solicitation requirements
under applicable Canadian corporate and securities laws, conveyed
by way of public broadcast, including through press releases,
speeches or publications, and by any other manner permitted under
applicable Canadian laws. All costs incurred for the solicitation
will be borne by the Concerned Shareholders.
The Concerned Shareholders have retained the services of Carson
Proxy Advisors to act as strategic proxy solicitation advisor and
to facilitate communication with shareholders. In connection with
these services, the Concerned Shareholders will pay fees of up to
$60,000, plus certain out-of-pocket
expenses.
A Flying Nickel shareholder who has given a proxy has the power
to revoke it. If a Flying Nickel shareholder who has given a proxy
attends the Meeting at which the proxy is to be voted, such Flying
Nickel shareholder, may revoke the proxy and vote at the Meeting.
In addition to revocation in any other manner permitted by law, a
proxy may be revoked by an instrument in writing signed by the
Flying Nickel shareholder or his or her attorney authorized in
writing, or, if the Flying Nickel shareholder is a corporation,
under its corporate seal and signed by a duly authorized officer or
attorney for the corporation, and deposited at the registered
office of Flying Nickel at any time up to and including the last
day (other than Saturdays, Sundays and statutory holidays in the
Province of British Columbia)
preceding the day of the Meeting at which the proxy is to be used,
or any adjournments or postponements thereof.
The Concerned Shareholders are shareholders of Flying Nickel.
With the exception of the foregoing, to the knowledge of the
Concerned Shareholders, no Concerned Shareholder nor any associates
or affiliates of any Concerned Shareholder, has any material
interest, direct or indirect, by way of beneficial ownership of
securities or otherwise, in the NV Merger, the Flying Nickel Slate
or any other matter to be acted upon at the Meeting.
This press release is being issued pursuant to National
Instrument 62-103 – The Early Warning System and Related
Take-Over Bid and Insider Reporting Issues, which requires a
report to be filed under Flying Nickel's profile on SEDAR+ profile
at www.sedarplus.ca containing additional information
respecting the foregoing matters. To receive a copy of the report
filed in respect of the above matters, please contact Jamie Kagan at jk@tdslaw.com.
ABOUT BLACKSTONE
Blackstone Minerals Limited (ASX: BSX) is a Western Australian
based mining company focused on building an integrated battery
metals processing business in Vietnam that produces NCM precursor products
for the globally growing lithium-ion battery industry by developing
the Ta Khoa Nickel-Copper-PGE Project in Vietnam. Blackstone will produce the lowest
emission precursor as verified by Minviro and the Nickel Institute.
The existing business has a modern nickel mine built to Australian
standards, which successfully operated as a mechanised underground
nickel mine from 2013 to 2016. This will be complemented by a
larger concentrator, refinery and precursor facility to support
integrated production in-country. Most recently, Blackstone
executed an option agreement to acquire the Wabowden Nickel project
in Manitoba, Canada, giving the
company an opportunity to produce Inflation Reduction Act compliant
critical mineral products from the Ta Khoa Refinery.
ABOUT SPARTA
Sparta AG is a publicly-owned investment manager based in
Germany, listed on the Basic Board
of the Frankfurt Stock Exchange. Sparta buys and sells listed and unlisted
securities and other financial instruments worldwide. Sparta has the great advantage of not being
confronted with cash outflows at the "wrong" time due to its
financing structure. This means Sparta is not "forced" to sell investments in
bad market phases. This means that Sparta does not see the volatility and
illiquidity of securities solely as a risk, but also as an
opportunity. Sparta's portfolio of
investments is typically very concentrated. Sparta rarely holds more than 20 or 25
different investments and often more than 50% of total assets are
invested in the five largest positions - the core positions. This
is done according to the best opportunity-risk profile. Long-term
capital preservation and a positive overall return are the main
focus.
ABOUT NHCN
Norway House Cree Nation is a dynamic First Nation community in
northern Manitoba, with 8,700
members and significant population growth. Strategically located,
800 Km north of Winnipeg at the
top of Lake Winnipeg, NHCN serves as an economic hub for
neighbouring communities. It has a progressive Leadership that is
focused on education, economic development and employment. It has
been working with the Province of Manitoba and other First Nations to move the
Minago Project forward.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking information within
the meaning of applicable securities laws. In general,
forward-looking information refers to disclosure about future
conditions, courses of action, and events. Forward-looking
information in this press release may include, but is not limited
to, statements of the Concerned Shareholders regarding (i) the
Meeting, including the intention of the Concerned Shareholders to
solicit proxies in connection with the Meeting, (ii) the proposed
reconstitution of the Board, and (iii) matters relating to Flying
Nickel, including its business, operations and financial condition.
All statements contained in this press release that are not clearly
historical in nature or that necessarily depend on future events
are forward‐looking, and the use of any of the words "anticipates",
"believes", "expects", "intends", "plans", "will", "would", and
similar expressions are intended to identify forward-looking
statements. These statements are based on current expectations of
the Concerned Shareholders and currently available information.
Forward looking statements are not guarantees of future
performance, involve certain risks and uncertainties that are
difficult to predict, and are based upon assumptions as to future
events that may not prove to be accurate. The Concerned
Shareholders undertake no obligation to update publicly or revise
any forward looking statements, whether as a result of new
information, future events, or otherwise, except as required by
applicable securities legislation.
|
_____________________________________________________
|
|
1 Mr.
Rondeau was a former representative of NHCN on the board of
Flying Nickel.
|
|
2 Mr. Duboff
is a current board member of Flying Nickel and is the nominee of
NHCN. He is also the only Concerned Shareholders Nominee with an
existing position within Flying Nickel.
|
|
3 Mr.
Rondeau has ownership or control or direction over 262,000 FN
Shares representing approximately 0.3% of the FN Shares.
|
|
4 Blackstone has ownership or control
or direction over 6,551,844 FN Shares representing approximately
7.4% of the FN Shares.
|
|
5 Sparta has
ownership or control or direction over 6,901,500 FN Shares
representing approximately 7.8% of the FN Shares.
|
|
6 Based on
Flying Nickel's quarterly and annual reports.
|
|
7
Mr. Duboff is a current board member of Flying Nickel and is
the nominee of NHCN. He is also the only Concerned Shareholders
Nominee with an existing position within Flying Nickel.
|
SOURCE Concerned Shareholders of Flying Nickel Mining Corp.