Evrima Plc Investee Update

 
TIDMEVA 
 
18 August 2022 
 
                                  Evrima plc 
 
                          ("Evrima" or the "Company") 
 
  Investee Update: Premium Nickel Resources Ltd Readmission to the TSX-V and 
  first day of dealings after completing Reverse Takeover with North American 
                                    Nickel 
 
Evrima is pleased to provide an update on its investee company, Premium Nickel 
Resources Ltd ("PNRL" or "Premium Nickel") with respect Premium Nickels 
readmission to the TSX-V after completing a reverse takeover transaction with 
TSX-V listed North American Nickel Inc. (TSX-V: NAN). Premium Nickel Resources 
Ltd ("the resulting issuer") have announced resumption of trading to occur 
this morning, 9:30am ET. A link to the press release can be found here. 
 
Evrima has an interest in 1,033,316 shares in Premium Nickel Resources 
Corporation (upon readmission, Evrima will hold 1,114,115 shares in the 
resulting issuer), amassed over the past 24 months. Evrima was one of the early 
seed investors in PNRC having originally subscribed at $0.05c (CAD) per share. 
Please refer to the table below, providing a breakdown of all rounds the 
company participated 
 
The last financing, prior to readmission, that Premium Nickel completed was for 
$17.5m (USD) at a subscription price of, CAD$2.50. Premium Nickel Resources is 
anticipated to readmit as a resulting issuer with a market valuation in excess 
of CAD$250,000,000. 
 
Shares Subscribed Subscription    Cost          %-Gain on         Resulting 
                  Price ($CAD)   ($-CAD)   Subscription against    Holding 
                                             last sub round @ 
                                                  $2.50 
 
     487,500         $0.05c      $24,375          4,900%           487,500 
 
     146,113         $0.15c    $21,916.95         1,567%           146,113 
 
     373,387         $0.40c    $149,354.8          525%           1,007,000 
 
     26,316          $0.95c    $25,000.20          163%           1,033,316 
 
Total Cost of     $220,646.95 
Inv. 
 
Total Holding     1,033,316 
 
Average Entry     $0.21c 
Price 
 
ROI To date       1,071% 
 
Total Holding in  1,114,115 * 
Resulting Issuer1 
 
[1] Please refer to the bottom of news release, for breakdown of resulting 
shareholding in PNRL on readmission 
 
Chief Executive Officer, Burns Singh Tennent-Bhohi commented, 
 
"Premium Nickel is an opportunity in the mining sector that occurs 'rarely to 
never'. The Board believe that PNRL have structured the acquisition of one of 
the most significant Nickel-Copper Sulphide complexes in the world. Of perhaps 
most value is the deep optionality and asset-level de-risking associated with 
the complex, the asset (s) have an established history of production, granted 
mining licenses, no environmental liability, incredible exploration & 
development upside, and a clear and defined path towards production at a pace 
that few can compete. 
 
I look forward to providing further updates on PNRL and take this opportunity 
to congratulate the entire PNRL team in their immense efforts over the years to 
get to where we are today. 
 
In 2007, LionOre Mining International Ltd. also at the time a Toronto-listed 
company, held certain of the assets for which PNRL today own and were 
subsequently acquired in a transaction valued, in excess of, C$6bn by Norilsk 
Nickel. The Board look forward to what we believe is just the start of PNRLs 
journey to becoming a major international producer of Nickel & Copper at a time 
both economically and geopolitically where secure and ethical supply of metal 
is of global significance." 
 
Keith Morrison, CEO, commented: "The successful amalgamation of North American 
Nickel Inc. and Premium Nickel Resources Corp. is a significant development for 
all of our respective shareholders and stakeholders. We can now move forward 
with the combined financial and technical strength of both companies and focus 
our efforts on building value for all current and future shareholders and 
stakeholders. PNRL will apply a principled approach to the development of our 
current Ni-Cu-Co sulphide assets and continue to evaluate other opportunities 
in (i) countries governed by Rule-of-Law, (ii) where geological prospectivity 
supports the discovery of large deposits, and (iii) can be developed assuming 
conservative long-term commodity prices. We will prioritize the rapid 
re-development and modernization of our flagship asset, the past producing 
Selebi Ni-Cu-Co sulphide Mine in Botswana, using best practices in a manner 
that is inclusive of modern environmental, social and corporate governance 
responsibilities with a strong commitment to working with the local communities 
and all of the stakeholders. The resources remaining at these mines are now 
critical metals, required for the continued development of a decarbonized and 
electrified global economy." 
 
For additional information regarding the RTO Transaction and Premium Nickel, 
see the news release dated 3 August  2022 and the filing statement of Premium 
Nickel dated July 22, 2022 (the "Filing Statement"), a copy of which is 
available under the Company's profile on SEDAR at www.sedar.com, and this news 
release. 
 
About PNRL2 
 
PNRL is an intermediate global nickel-copper-cobalt company with assets in 
Botswana, Greenland, Canada and Morocco. The Company is currently focusing its 
efforts on advancing its 100% owned flagship Selebi Mine in Botswana. 
 
The Selebi Mine is located in Botswana and consists of a single mining license 
covering an area of 11,504 hectares located near the town of Selebi Phikwe, 
approximately 150 kilometres southeast of the city of Francistown, and 410 
kilometres northeast of the national capital Gaborone. The Selebi Mine includes 
two shafts (Selebi and Selebi North deposits) and related infrastructure (rail, 
power and water). The Selebi deposit began production in 1980 and the Selebi 
North deposit began production in 1990. Mining terminated at both operations in 
2016 due to a failure in the separate Phikwe processing facility and was 
subsequently placed under liquidation in 2017. 
 
Since 2019, the PNRL technical team has been compiling and verifying 
information. Level plans were digitized, and after significant effort, PNRL now 
has a 3D model of the Selebi and Selebi North underground infrastructure. The 
gathering of the geological information to build a 3D model is ongoing. 
Information from handwritten drill logs were merged into the BCL drill hole 
database, and as required, historic core is being re-logged. 
 
At the time of liquidation, South African Mineral Resource Committee (SAMREC) 
compliant Mineral Resources within the Selebi Mines property boundary were 
reported as in-situ and depleted for mining as of September 30, 2016. These 
historical measured and indicated mineral resources used a nickel equivalent 
(NiEq) cut-off grade of 0.4% and were estimated to total 17.83 Mt at grades of 
0.87% Ni and 1.42% Cu containing 155,000 tonnes (t) Ni and 253,000 t Cu. 
Historical inferred mineral resources were estimated to total 15.34 Mt at 
grades of 0.71% Ni and 0.89% Cu containing 109,000 t Ni and 136,000 t Cu. The 
NiEq cut-off grade was based on a ratio of nickel and copper prices where NiEq 
= %Ni + (Cu price/Ni price)*%Cu. Nickel and copper prices used were US$8.00/lb 
Ni and US$3.00/lb Cu, respectively. This estimate, which has not been prepared 
in accordance with National Instrument 43-101 - Standards of Disclosure for 
Mineral Projects ("NI 43-101"), is considered to be historical in nature and 
should not be relied upon. However, management believes that it could be 
indicative of the presence of mineralization on the Selebi Mines property. A 
qualified person has not completed sufficient work to classify the historical 
mineral estimate as a current mineral resource estimate and PNRL is not 
treating the historical mineral estimates as current mineral resource estimate. 
 
The highlight of the historic data compilation at Selebi was the identification 
of an off-hole borehole EM anomaly in sd140, a 2010 drill hole targeting 
down-dip of 1992 drill hole sd119 that reported an estimated true thickness 
interval of 38.5 metres averaging 1.58% Ni and 2.44% Cu, including 21.4 metres 
of 2.34% Ni and 3.39% Cu (figure 2), which management believes could be 
indicative of the presence of mineralization on the Selebi Mines property. 
 
*Evrima Total Holding in the "Resulting Issuer": Following the readmission of 
the resulting issuer, Premium Nickel Resources Ltd, under terms of the 
amalgamation agreement Evrima plc will exchange their shares in Premium Nickel 
Resources Corporation on a ratio of, 1.054 resulting in Evrima receiving 
1,089,115 of the resulting issuer. 
 
Prior to the transaction, the company held 125,000 shares (consolidated, 5:1, 
on readmission: 25,000) in North American Nickel Inc. and 62,500 Warrants 
(consolidated, 5:1 on readmission: 12,500 with a strike price of $1.75) with a 
strike price of, $0.35c and a life to expiry of 24-months (expiring April 2023, 
the warrant also includes an accelerator clause enabling the company to elect 
to accelerate the exercise of all warrants pursuant to the subscription should 
the VWAP of the resulting issuer exceed $3 for 10 consecutive trading days). On 
readmission the share capital of the resulting issuer will be consolidated on a 
5:1 basis. 
 
Final Evrima Shareholding on readmission: 
 
Total Number of Shares Held: 1,114,115 
 
Total Number of Warrants Held: 12,500 
 
2 Please refer to the press release announced by North American Nickel Inc. on 
15th August 2022 - https://www.northamericannickel.com/English/news/ 
news-details/2022/ 
Premium-Nickel-Resources-Ltd.-Announces-Expected-Commencement-of-Trading-Date--Company-Overview 
/default.aspx 
 
** Please refer to the link below for the official exchange bulletin confirming 
readmission of the resulting issuer - https://www.newswire.ca/news-releases/ 
tsx-venture-exchange-stock-maintenance-bulletins-835569331.html 
 

The Directors of Evrima accept responsibility for this announcement. 
 
This announcement contains information which, prior to its disclosure, was 
inside information as stipulated under Regulation 11 of the Market Abuse 
(Amendment) (EU Exit) Regulations 2019/310 (as amended). 
 
                                     Ends - 
 
Enquiries: 
 
Company: 
Burns Singh Tennent-Bhohi (CEO & Director): [e-mail] 
 
Simon Grant-Rennick (Executive Chairman): [e-mail] 
 
Novum Securities Limited (AQSE Corporate Adviser): 
 
David Coffman / Lucy Bowden: + 44 (0) 20 7399 9400 
 
 
 
END 
 
 

(END) Dow Jones Newswires

August 18, 2022 04:40 ET (08:40 GMT)