/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR DISSEMINATION IN THE UNITED STATES/
MONTREAL, May 22, 2012 /CNW Telbec/ - Sentient Executive GP IV, Limited ("Sentient IV") announces that, in connection with a private placement with North American Nickel Inc. ("NAN"), it has acquired control over 20,000,000 units (the "Units") of NAN on May 22, 2012.
Each Unit is comprised of one common share in the capital of NAN (a "NAN Share") and one half common share purchase warrant of NAN (each whole common share purchase warrant, a "NAN Warrant"). Each NAN Warrant entitles the holder thereof to acquire a NAN Share at a price of $0.21 per share until May 22, 2014. As such, Sentient IV acquired control over 20,000,000 NAN Shares and 10,000,000 NAN Warrants.
Sentient IV has control over 20,000,000 NAN Shares (representing approximately 26.06% of the outstanding NAN Shares) and the right to acquire 10,000,000 NAN Shares through 10,000,000 NAN Warrants. In the event all of the 10,000,000 NAN Warrants are fully exercised, Sentient IV would acquire control over a maximum of 30,000,000 NAN Shares (including the 20,000,000 NAN Shares over which Sentient IV has control). These combined holdings would represent approximately 34.58% of the outstanding NAN Shares, calculated on a partially diluted basis assuming the full exercise of the 10,000,000 Warrants only.
Sentient IV acquired the Units for investment purposes only and not with a view to materially affecting control of NAN.
For further information:
Sue Bjuro at (345) 946-0933