29, 211,298 Common Shares issued outstanding
TORONTO, Sept. 12, 2013 /CNW/ - Nearctic Nickel Mines Inc., the Company, announces that it has delivered a further Notice of Default to Canadian Royalties Inc., CRI, in respect certain acts done by CRI since 2008. In 2008, at a time when CRI was to co-owner of a 70% interest in the Property which is the subject of the Agreement dated January 12, 2001, CRI obtained mining leases for certain areas of the Property, which Leases indicated that CRI was the sole owner. CRI caused the mining leases to be filed as parcels in the Land Registry at Sept-Isles, with the result that UMEI, the company's indirect subsidiary, was not identified as the co-owner of the mining leases and the public was misled as a result.
In February 2012, at a time when UMEI's interest in the Property was an undivided 30% interest, CRI executed a Deed of Hypothec to secure a $700,000,000 loan to itself in which it declared itself "sole owner" of the mining leases and 479 CDCs (claims) comprising the bulk of the area of the Property. The Notice of Default given to CRI asserts that all the mining leases were issued in error and must be reissued correctly and that the Deed of Hypothec is invalid for several reasons and that CRI has by these acts breached the Agreement.
The Company and UMEI may seek the remedy for CRI's defaults in an arbitration, 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 result, 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 assumed 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
Copyright 2013 Canada NewsWire
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