ThreeD Capital Inc. (“ThreeD” or the “Company”) (CSE:IDK) (OTCQB:IDKFF), a Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors, has announced Premium Nickel Resources (“PNR”) has completed the Exclusivity Memorandum of Understanding with the Liquidator on the Botswana nickel-copper-cobalt assets formerly operated by BCL Limited. ThreeD Capital owns 6,716,456 shares of PNR, representing a 9.13% ownership in the company. Furthermore, Sheldon Inwentash, Chairman & CEO of ThreeD Capital is on the Board of Directors of PNR.
Premium Nickel Resources (“PNR“) said in a statement released on Wednesday that the Exclusivity Memorandum of Understanding (“MOU”) with the Liquidator which will govern a six-month exclusivity period to complete its due diligence and related purchase agreements on the Botswana nickel-copper-cobalt (“Ni-Cu-Co“) assets formerly operated by BCL Limited (“BCL“), that are currently in liquidation. On February 10, 2021, the Honourable, Lefoko Moagi, the Minister of Mineral Resources, Green Technology and Energy Security of Botswana, affirmed in Parliament a press release by the Liquidator for the BCL Group of Companies, stating that PNR was selected as the preferred bidder to acquire assets formerly owned by BCL.
PNR will now start an estimated six-month systematic due diligence program, the statement said. During this period, PNR will complete an environmental assessment, a metallurgical study, a review of legal and social responsibilities, a review of the mine closure and rehabilitation plans and an on-site inspection of the legacy mining infrastructure and equipment that has been under care & maintenance. Concurrent with this due diligence program PNR will negotiate definitive agreements to finalise terms on the prioritised assets to be purchased.
PNR CEO, Keith Morrison commented;
“The World, Botswana and the mining industry have changed dramatically since mining first started at the former BCL assets in the early 1970s. The nickel-copper-cobalt resources remaining at these mines are now critical metals, required for the continued development of a decarbonised and electrified global economy.
As we move forward, it is our goal to demonstrate the potential economics of redeveloping a combination of the former BCL assets to produce Ni-Cu-Co and water in a manner that is inclusive of modern environmental, social and corporate governance responsibilities. To attain this, extensive upgrades to infrastructure will be required with an emphasis on safety, sustainability and the application of new technologies to minimise the environmental impact and total carbon footprint for the new operations.
Our team remains committed to working with the local communities and all of the stakeholders throughout this period and we encourage anyone with questions or feedback to reach out to us directly.”
PNR continues to monitor the global Covid-19 developments and is committed to working with health and safety as a priority and in full respect of all government and local Covid-19 protocol requirements. PNR has developed Covid-19 travel, living and working protocols in anticipation of moving forward to on site due diligence. PNR is ensuring to integrate these protocols with the currently applicable protocols of The Government of Botswana and surrounding communities.
About Premium Nickel Resources Corporation
PNR is a Canadian company dedicated to the exploration and development of high-quality nickel-copper-cobalt (Ni-Cu-Co) resources. We believe that the medium to long-term demand for these metals will grow through continued global urbanisation and the increasing replacement of internal combustion engines with electric motors. Importantly, these metals are key to a low‑carbon future. PNR maintains a skilled team with strong financial, technical and operational expertise to take an asset from discovery to exploration to mining.
PNR has focused its efforts on discovering world-class nickel sulphide assets in jurisdictions with rule-of-law that fit strict criteria that comply with PNR’s values and principles which stand up against the highest acceptable industry standards. We are committed to governance through transparent accountability and open communication within our team and our stakeholders.