Quebec Nickel signs deal to acquire Ecru project

Executive Summary

• Quebec Nickel Corp. has signed a definitive purchase and sale agreement to acquire a 100% interest in the Ecru gold project in Nevada from Orogen Royalties Inc.
• The transaction involves aggregate consideration of $540,000, payable via cash, common shares, and a future equity issuance, plus a 2.0% Net Smelter Return (NSR) royalty.
• Concurrently, the company is changing its name to Aurbis Resources Corp. and appointing Johan Lambrechts as CEO, while current CEO David Patterson becomes Executive Chairman.

Key Details

• Target Asset: 100% interest in the Ecru property, consisting of 112 mining claims located on the Cortez/Battle Mountain trend in Nevada, adjacent to Nevada Gold Mines' Robertson deposit.
• Transaction Consideration:
  • Cash: $250,000 payable on closing (less a $25,000 non-refundable commitment fee already paid).
  • Equity (Closing): 1,000,000 common shares issued at an issue price of $0.165 per share (representing a permitted discount to the closing price).
  • Equity (Future): Issuance of shares valued at $125,000 within six months of closing, priced at the 10-day VWAP on the Canadian Securities Exchange.
  • Royalty: 2.0% Net Smelter Return (NSR) royalty granted to Orogen Royalties.
• Closing Conditions: Subject to customary closing conditions; expected to close within 30 days of the agreement date.
• Corporate Restructuring:
  • Name Change: Quebec Nickel Corp. will change its name to Aurbis Resources Corp. (CSE: AURR).
  • Management Changes:
    • Johan Lambrechts appointed as CEO and non-executive director (previously CEO of Antares Metals, 23+ years experience).
    • David Patterson transitions from CEO to Executive Chairman (30+ years experience, former CEO of Emerita Resources).
• Technical Overview: The property lies along major structural corridors (Cortez fault system, Battle Mountain-Eureka trend). Previous exploration included geophysical surveys, geochemical data, and minor drilling, identifying untested targets for Robertson-style intrusive-related gold or Carlin-type mineralization.
• Next Steps: Company intends to conduct a systematic technical review and prepare a NI 43-101 compliant technical report.

Notable Quotes

• "The acquisition of the Ecru property represents Quebec Nickel's entry into one of the world's premier gold mining districts, allowing the company to leverage its technical and corporate expertise to create value by exploring and advancing this exciting project."
• "To align with the company's new focus, the board believes that a name change is prudent. Quebec Nickel will change its name to Aurbis Resources Corp... The name signifies the focus on gold exploration and the global significance of the company's industry."