Issued and outstanding
29, 211,290 Common shares
TORONTO , Aug. 19, 2013 /CNW/ - Nearctic Nickel Mines Inc., the Company announces that it has delivered Notice of Default to Canadian Royalties inc. ACRI in respect of a certain of CRIs covenants in the option agreement dated 12 January 2001 Agreement.
CRI and the Company's indirect subsidiary, Ungava Mineral Exploration inc. AUMEI are currently 80:20 co-owners and joint venturers in respect of the Property which is the subject of the agreement.
CRI is the manager of the joint venture and has allowed part of the Property to become the subject of tens of millions of dollars worth of construction liens, as is prohibited by the terms of the Agreement. Some of the lien holders have commenced legal action for Court supervised sale of part of the property.
The Company and UMEI may seek the remedy for CRIs default in an arbitration proceeding or other proceedings.
Caution Concerning Forward looking statements
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although the company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as may be required by applicable securities law, the company disclaims any intention and assumes no obligations to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
SOURCE: Nearctic Nickel Mines Inc
- Company Earnings
David L. Hynes - Director