Northern Sun Mining Corp. (“Northern Sun” or the “Company”) currently owns two former producing nickel mines and a large prospective land package in the Shaw Dome area, a prospective nickel belt near Timmins, Ontario. Northern Sun suspended its custom milling operations at its Redstone Mill in early November 2015. The ore body at the Wallbridge’s Broken Hammer deposit has been exhausted and Wallbridge ceased mining at the end of October 2015. Since July 2014, Northern Sun has been treating ore sourced from Wallbridge’s Broken Hammer deposit in Sudbury, Ontario. Since that time Northern Sun treated nearly 300,000 tonnes of ore. The original contract with Wallbridge was for 200,000 tonnes of ore. Northern Sun has placed its mine operations into care and maintenance since early November 2015.
The Company held a special meeting of its shareholders (the “Meeting”) on March 24, 2016 and its shareholders approved the acquisition (“Acquisition”) by Regal Silver Investment Ltd. (“Purchaser”) of all of the common shares of Northern Sun (the “Shares”) not owned by Jien International Investment Ltd. (“JIIL”), which is the parent company that owns approximately 60% of Northern Sun’s common Shares. The Shares would be acquired for a cash consideration from all shareholders of the Northern Sun other than JILL (the “Minority Shareholders”) through a court-approved plan of arrangement under the Business Corporations Act (Ontario) at a revised price of $0.07 per Share. Upon completion of the Acquisition, the Company would be delisted from the TSX Venture Exchange and would cease to be a reporting issuer.
The Company trades on the TSXV under the symbol NSC.