|By Marketwired .||
|May 8, 2014 05:50 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/08/14 -- North American Nickel Inc. (TSX VENTURE: NAN)(OTCBB: WSCRF)(CUSIP:65704T 108) (the "Company") is pleased to announce that it has co-ordinated a private placement of up to 28,484,848 common shares of the Company (the "Shares") at a price of CAD$0.33 per Share for aggregate gross proceeds of up to CAD$9,400,000.
The net proceeds of the financing will be used to fund the Company's 2014 exploration and zone drilling programs at its 100% owned Maniitsoq nickel sulphide project in south western Greenland and to provide additional working capital.
Sentient Executive GP IV, Limited (for the general partner of Sentient Global Resources Fund IV, L.P (collectively, "Sentient") intends to invest its pro-rata amount in the financing in order to maintain its 41.3% position in the capital of the Company. Sentient, which is an insider and a related party of the Company, beneficially owns, or exercises control or direction over, 58,127,098 common shares of the Company or approximately 41.3% of the issued and outstanding common shares of the Company and no warrants.
VMS Ventures Inc. ("VMS") intends to invest $1,250,000 in the financing. VMS, which is an insider and a related party of the Company, beneficially owns, or exercises control or direction over, 33,589,704 common shares (or approximately 23.9% of the issued and outstanding common shares) of the Company and warrants entitling VMS to acquire up to an additional 5,882,352 common shares of the Company. Richard J. Mark, the Chairman, CEO and a director of the Company, is the Chairman, CEO and a director of VMS.
Due to the fact that Sentient and VMS, who are each insiders and related parties of the Company, will subscribe for Shares, their subscriptions under the financing will be "related party transactions" for the purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Sentient and VMS subscriptions will be completed in reliance on (i) an available exemption from the formal valuation requirement of MI 61-101 provided in paragraph (b) of Section 5.5 of MI 61-101 and (ii) an available exemption from the minority shareholder approval requirement of MI 61-101 provided in paragraph (a) of Section 5.7 of MI 61-101. Neither the fair market value of the Shares issued nor the consideration paid for the Shares pursuant to the Sentient and VMS portions of the private placement will exceed 25% of the Company's market capitalization.
Sentient and VMS, to the Company's knowledge, are each making their own investment decisions and are acting independently and not jointly and in concert.
Shares acquired by the placees will be subject to a hold period of four months plus one day from the date of closing of the private placement in accordance with applicable securities legislation.
The closing of the private placement will occur as soon as the applicable closing conditions, including the approval of the TSX Venture Exchange have been satisfied. Finder's fees may be paid in connection with a small portion of the financing.
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term defined in the Private Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from the expected results.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
North American Nickel Inc.
CEO and Chair
604-986-2020 or Toll free: 1-866-816-0118
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively.
Oct. 9, 2015 10:15 PM EDT Reads: 207
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi's VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driv...
Oct. 9, 2015 10:15 PM EDT Reads: 135
SYS-CON Events announced today that Spirent Communications, the leader in testing navigation and positioning systems, will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Spirent Communications enables innovations in communications technologies that help connect people. Whether it is service provider, data centers, enterprise IT networks, mobile communications, connected vehicles or the Inte...
Oct. 9, 2015 10:00 PM EDT Reads: 186
The IoT market is on track to hit $7.1 trillion in 2020. The reality is that only a handful of companies are ready for this massive demand. There are a lot of barriers, paint points, traps, and hidden roadblocks. How can we deal with these issues and challenges? The paradigm has changed. Old-style ad-hoc trial-and-error ways will certainly lead you to the dead end. What is mandatory is an overarching and adaptive approach to effectively handle the rapid changes and exponential growth.
Oct. 9, 2015 10:00 PM EDT Reads: 236
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, will discuss the impact of technology on identity....
Oct. 9, 2015 10:00 PM EDT Reads: 450
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. Migration to cloud shifts computing resources from your data center, which can yield significant advantages provided that the cloud vendor an offer enterprise-grade quality for your application.
Oct. 9, 2015 09:30 PM EDT Reads: 310
DevOps is gaining traction in the federal government – and for good reasons. Heightened user expectations are pushing IT organizations to accelerate application development and support more innovation. At the same time, budgetary constraints require that agencies find ways to decrease the cost of developing, maintaining, and running applications. IT now faces a daunting task: do more and react faster than ever before – all with fewer resources.
Oct. 9, 2015 09:00 PM EDT Reads: 414
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Oct. 9, 2015 08:00 PM EDT Reads: 316
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
Oct. 9, 2015 08:00 PM EDT Reads: 934
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Oct. 9, 2015 07:45 PM EDT Reads: 170
As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ability. Many are unable to effectively engage and inspire, creating forward momentum in the direction of desired change. Renowned for its approach to leadership and emphasis on their people, organizations increasingly look to our military for insight into these challenges.
Oct. 9, 2015 07:45 PM EDT Reads: 191
Achim Weiss is Chief Executive Officer and co-founder of ProfitBricks. In 1995, he broke off his studies to co-found the web hosting company "Schlund+Partner." The company "Schlund+Partner" later became the 1&1 web hosting product line. From 1995 to 2008, he was the technical director for several important projects: the largest web hosting platform in the world, the second largest DSL platform, a video on-demand delivery network, the largest eMail backend in Europe, and a universal billing syste...
Oct. 9, 2015 06:45 PM EDT Reads: 228
Electric power utilities face relentless pressure on their financial performance, and reducing distribution grid losses is one of the last untapped opportunities to meet their business goals. Combining IoT-enabled sensors and cloud-based data analytics, utilities now are able to find, quantify and reduce losses faster – and with a smaller IT footprint. Solutions exist using Internet-enabled sensors deployed temporarily at strategic locations within the distribution grid to measure actual line lo...
Oct. 9, 2015 06:30 PM EDT Reads: 137
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Oct. 9, 2015 06:00 PM EDT Reads: 324
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, will explore the current state of IoT connectivity and review key trends an...
Oct. 9, 2015 05:30 PM EDT Reads: 115