NOT FOR DISTRIBUTION OR DISSEMINATION INTO THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
TORONTO, Aug. 31, 2021 (GLOBE NEWSWIRE) — Benjamin Cooper (the “Acquirer”) announces that he has indirectly acquired ownership and control of an aggregate of 7,940,908 common shares (the “Subject Shares”) of Class 1 Nickel & Technologies Limited (the “Company” or “Class 1”), effective August 30, 2021 (the “Acquisition”).
The Subject Shares were issued in connection with the previously announced acquisition by the Company of certain mineral claims from Platinum Group Elements Limited. The Subject Shares represented approximately 6.5% of all issued and outstanding common shares of the Company (“Shares”) as of August 30, 2021, resulting in a corresponding change to the aggregate percentage ownership of the Company by the Acquirer. Immediately before the Acquisition, the Acquirer directly and indirectly held an aggregate of 24,985,000 Shares and convertible securities entitling the Acquirer to acquire an additional 5,582,751 Shares, representing approximately 22.4% of the issued and outstanding Shares (or approximately 26.1% on a partially diluted basis, assuming conversion of such convertible securities only). Immediately following the Acquisition, the Acquirer directly and indirectly held 32,925,908 Shares (inclusive of the Subject Shares) and convertible securities entitling the Acquirer to acquire an additional 5,582,751 Shares, representing approximately 27.1% of all issued and outstanding Shares as of August 30, 2021 (or approximately 30.3% on a partially diluted basis, assuming exercise of the convertible securities only).
The Subject Shares were acquired pursuant to the Acquisition at a deemed price of $0.56 per Subject Share (or $4,446,908 in the aggregate). The Subject Shares were acquired from the Company directly and not through the facilities of any stock exchange. The holdings of securities of the Company by the Acquirer are managed for investment purposes, and the Acquirer and/or his joint actors could increase or decrease their respective investments in the Company at any time, or continue to maintain their current investment position, depending on market conditions or any other relevant factor.
A copy of the applicable securities report filed in connection with the matters set forth above may be obtained by contacting: Benjamin Cooper, TH 102-2287 Lakeshore Boulevard West, Humber Bay, Ontario M8V 3Y1, Tel: (416) 454-0166.