ONTARIO - PURE NICKEL of Toronto has acquired 10 nickel exploration properties formerly belonging to XSTRATA NICKEL. Pure Nickel paid $15.25 million plus 4.00 million warrants, each of which may be exercised to purchase a common share at a price of $2.00. (Pure Nickel shares were trading at $1.10 each on Aug. 7, 2007.)
The smaller company acquired a 100% interest in nine properties and Xstrata's 50% joint venture interest in one other. Chief among the properties are the advanced William Lake project and the former Manibridge mine, both in the Thompson Nickel Belt of northern Manitoba. Three of the properties are in the Raglan Belt of northern Quebec. Other claims lie in Nunavut, Labrador and central Quebec. The joint venture included in the deal is the property in the Fox River Belt of Manitoba.
Pure Nickel (www.PureNickel.com) recently raised $27.50 million, a portion of which was used to pay for the Xstrata properties.