Nickel 28 Announces Appointment of New Independent Director and Provides Update on Majority Voting Policy

TORONTO, June 16, 2023 (GLOBE NEWSWIRE) -- Nickel 28 Capital Corp. (“Nickel 28” or the “Company”) (TSXV: NKL) (FSE: 3JC0) is pleased to announce the appointment of Mr. C. Ian Ross as a new independent director to the Board of Directors (the “Board”), effective immediately. Mr. Ross brings extensive board, senior management and transactional experience in a wide variety of public companies and highly complex special situations. In addition, the Company is providing an update regarding the determination of the Board on the application of the Company’s majority voting policy (the “Policy”) with respect to the results of its annual general and special meeting of shareholders held on June 12, 2023 (the “Meeting”).

As previously announced, management’s recommended slate of directors was duly elected in accordance with applicable corporate law, however, each of the directors received less than majority support from shareholders at the Meeting. Following due consideration of the application of the Policy to the Meeting, and having taken advice from its legal advisors, the Board has determined that the principles underlying the Policy are engaged and that the Policy will apply with respect to the Meeting. As such, each of the members of the Board has tendered his resignation for consideration in accordance with the Policy. It is the Board’s desire that the process by which the resignations are considered proceed as promptly as practicable in accordance with the Policy. The resignations will be effective if and when accepted and the determination with respect to the acceptance of the resignations will be announced via press release as contemplated by the Policy. The Board does not anticipate that the acceptance of any of the resignations will constitute a “change of control” for purposes of the Company’s employment and consulting agreements. A copy of the Policy is available on the Company’s website at www.nickel28.com.

Given the circumstances, the Board believes that the offers of resignation should be considered in accordance with the principles of the Policy with the benefit of independent perspective and judgment. Accordingly, the Board announced today the appointment of C. Ian Ross to the Board to serve as a new independent director, effective immediately. Mr. Ross has been appointed to serve as a member of the Nominating and Corporate Governance Committee and Compensation Committee and it is expected that Mr. Ross will, with the benefit of advice from independent counsel, consider whether the resignations should be accepted and make recommendations in accordance with the Policy. Mr. Ross is an experienced corporate director with no prior relationships with any of the existing members of the Board or management and is independent within the meaning of National Instrument 52-110 – Audit Committees.