ThreeD Capital Reports Premium Nickel Resources Signs Definitive Asset Purchase Agreement to Acquire Assets in Botswana

TORONTO, Sept. 28, 2021 (GLOBE NEWSWIRE) -- ThreeD Capital Inc. (“ThreeD” or the “Company”) (CSE:IDK) (OTCQX:IDKFF), a Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors, is pleased to announce that Premium Nickel Resources (“PNR”), a private Canadian company that provides direct exposure to nickel-copper-cobalt opportunities in the southern African region, has executed a definitive asset purchase agreement with the Liquidator of BCL Limited to acquire assets in Botswana.

ThreeD is a founding shareholder of PNR and currently owns 7,005,007 common shares, representing approximately 9% of PNR’s total issued and outstanding common shares. Furthermore, Sheldon Inwentash, Chairman & CEO of ThreeD, is on the Board of Directors of PNR.

More information on this subject can be found in PNR’s press release below:

Toronto, Ontario--(Newsfile Corp. - September 28, 2021) - Premium Nickel Resources ("PNR") is pleased to announce that it has executed a definitive asset purchase agreement ("APA") with the Liquidator of BCL Limited ("BCL") to acquire the Selebi and Selebi North (together, the "Selebi Assets") nickel-copper-cobalt ("Ni-Cu-Co") assets and related infrastructure formerly operated by BCL. PNR is targeting the closing of this transaction, and transfer of ownership of the assets, within 120 days. PNR is also negotiating a separate asset purchase agreement to finalize terms for any prioritized Tati Nickel Mining Company ("TNMC") assets that may be purchased.

PNR submitted its indicative offer to the BCL and TNMC liquidators in June 2020 to acquire the assets of the former producing BCL Mining Complex and separately the TNMC operations located in north-eastern Botswana. On February 10, 2021, PNR was selected as the preferred bidder and on March 22, 2021, PNR entered into a memorandum of understanding providing for a six-month exclusivity period to complete additional work and negotiate the asset purchase agreements (see news release dated March 24, 2021).

PNR CEO, Keith Morrison commented, "During the exclusivity period, PNR has been collecting new information, including approximately 700 kgs of fresh representative ore. The subsequent metallurgical testing, carried out at SGS Lakefield, confirmed our redevelopment plan for Selebi to produce separate copper and nickel-cobalt concentrates. With the completion of this binding APA, PNR will move forward with closing of the transaction and assuming the ownership of the Selebi assets. The Selebi redevelopment plan incorporates the use of less power and water to reach an exportable commodity, and have a much lower environmental impact when compared to the legacy BCL processing and smelting."