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Great Lakes Nickel Limited Early Warning Report Issued Pursuant to National Instrument 62-103 Acquisition of Shares of RJK Explorations Ltd.

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Toronto, Ontario--(Newsfile Corp. - June 19, 2022) - This press release is being disseminated as required by National Instrument 62‐103 The Early Warning System and Related Take Over Bids and Insider Reporting Issues in connection with the filing of an early warning report (the "Early Warning Report") regarding the direct acquisition of common shares of RJK Explorations Ltd. (TSXV: RJX.A) ("RJK") by Great Lakes Nickel Limited (the "Company") by way of a private placement.

On May 20, 2022, the Company entered in to a subscription agreement with RJK to acquire 5,916,000 Units, with each Unit consisting of one (1) Class A Subordinate Voting Share of RJK and one (1) Class A Subordinate Voting Share purchase warrant exercisable at a price of $0.25 per share any time prior to 4:30 p.m. on the date that is three (3) years after the issuance of the Units. On closing the Company initially acquired 1,790,484 Units for proceeds of $196,953.24. The remaining 4,125,516 Units (the "Additional Units") for the subscription amount of $453,806.76 (the "Additional Funds") was completed in escrow pending the Company's satisfaction of certain requirements of the TSX Venture Exchange ("TSXV"). These requirements included the filing by the control person of the Company of a personal information form, and the Company's provision of an undertaking to TSXV to not exercise the Warrants held by it if such exercise would cause the Company's ownership of voting shares of RJK to exceed 10% of the issued and outstanding voting shares. The Company has now satisfied these requirements and the Additional Funds were released to the Company and the Additional Units were issued and delivered to the Company.

The Company, together with its associates, affiliates and joint actors, now owns or controls 13,790,151 voting shares of RJK or 15.1% of RJK's issued and outstanding voting shares on a non-diluted basis, and 17,315,587 voting shares of RJK or 18.8% of RJK's issued and outstanding voting shares on a partially-diluted basis assuming the exercise of all of the Warrants.

The Company and/or its associates, affiliates and joint actors may acquire additional securities of RJK, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its current position, depending on market conditions and other relevant factors. A copy of the Early Warning Report may be found on www.SEDAR.com.

GREAT LAKES NICKEL LIMITED Contact Information

Nadim Wakeam Corporate Counsel
Mobile: 416-871-1785
nwakeam@blaney.com

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.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/128287