New Millennium Iron Corp. Announces the Closing of the Reorganization with the Tata Steel Group; New Millennium Iron Corp. Announces Listing on The NEO Exchange and Delisting of Common Shares from The Toronto Stock Exchange on Completion of Abaxx Technolo

CALGARY, Alberta, Dec. 11, 2020 (GLOBE NEWSWIRE) -- New Millennium Iron Corp. (the “Company” or “NML”) (TSX: NML) is pleased to announce the closing of the reorganization (the “Reorganization”) with TS Global Minerals Holdings Pte. Ltd. (“TSGMH”), Tata Steel Minerals Canada Ltd. (“TSMC”) and TSMUK LTD (“TSMUK”, and together with TSGMH and TSMC, the “Tata Steel Group”).

Pursuant to the reorganization agreement dated August 5, 2020, NML and the Tata Steel Group completed the Reorganization as follows:

1. NML sold and transferred its 4.32% interest in TSMC to TSMUK, representing its entire interest;
2. NML purchased for cancellation the 47,402,908 common shares of NML held by TSGMH, representing TSGMH’s entire interest;
3. NML retained its interests in the LabMag and KéMag properties (the “Taconite Properties”), and TSGMH was granted a 1% gross revenue royalty on the Taconite Properties;
4. The heads of agreements dated September 24, 2008 and March 6, 2011 between TSGMH, NML and LabMag Limited Partnership pertaining to the Taconite Properties were terminated; and
5. All outstanding payables between NML, on the one hand, and the Tata Steel Group, on the other hand, were settled between the parties.
   

For more information on the Reorganization, please see NML’s press release of August 5, 2020.

NML is further pleased to announce that the NEO Exchange Inc. (the “NEO Exchange”) has conditionally approved the Company’s previously announced application to list its common shares (the “Resulting Issuer Shares”) on the NEO, subsequent completion of the Reverse Take Over (the “Transaction”) between the Company and Abaxx Technologies Inc. (“Abaxx”).  

The Transaction is expected to close on or about December 14, 2020. The shares of NML are expected to delist from the Toronto Stock Exchange (the “TSX”) at the close of business on December 14, 2020, and the Resulting Issuer Shares are expected to begin trading on the NEO Exchange under the symbol “ABXX” on December 18, 2020. No action is required by the shareholders of NML and Abaxx in connection with this change of listing.

Completion of the Transaction remains subject to customary closing conditions, including final approval of the TSX and NEO.  

The Company announced the intention of listing the Resulting Issuer shares on the NEO following completion of the Transaction in a press release dated November 20, 2020. For more information on the Transaction, please refer to NML’s press release dated September 18, 2020. For more information on the NEO listing application, please refer to NML’s press release dated November 20, 2020.