Nexcel Acquires an Additional 42% Interest in the Burnt Hill Tungsten Project

Core Viewpoint - Nexcel Metals Corp. has successfully acquired an additional 42% interest in the Burnt Hill Tungsten Project, increasing its total ownership to 71.58% [1][4]. Acquisition Details - The acquisition was executed under a Purchase Agreement with Wyloo Ring of Fire Ltd., where Nexcel issued 3,931,094 common shares and 6,250,000 non-transferrable common share purchase warrants, each exercisable at $0.90 until February 17, 2029 [2]. - The Consideration Warrants include a blocker term preventing the Vendor from holding more than 19.99% of the issued common shares without shareholder approval [2]. Securities and Restrictions - All securities issued in the acquisition are subject to a four-month and one-day hold period, with specific voluntary resale restrictions on the Consideration Shares [3]. - 15% of the Consideration Shares will be restricted for six, twelve, eighteen, twenty-four, and thirty months post-acquisition, while 10% will remain unrestricted [3]. Project Overview - The Burnt Hill Tungsten Project spans approximately 1,540 hectares and contains an indicated resource of 1,761,000 tonnes averaging 0.292% WO3, alongside an inferred resource of 1,520,000 tonnes averaging 0.263% WO3 [8]. - The project also includes additional areas of identified mineralization not yet at the resource stage [8]. Future Opportunities - Nexcel holds the option to acquire the remaining 28.42% interest in the Burnt Hill Project from Cadillac Ventures Inc. under a separate Option Agreement [4].