Sunday, June 1, 2025

Latest

Spruce Ridge Announces Dividend Of Canada Nickel Company Shares

Spruce Ridge Resources (TSXV: SHL) this week announced that it will be conducting a one-time dividend for shareholders of the company on record at the close of business on July 6, 2020. The dividend will be in the form of common shares of Canada Nickel Company (TSXV: CNC).

Under what the company has described as a “dividend in kind,” Spruce Ridge will distribute a total of 2,500,000 common shares of Canada Nickel to its shareholders. The company currently holds 10,600,000 common shares as a result of the sale of its interest in the Crawford Nickel-Cobalt Sulphide Project, located near Timmins, Ontario. Following the Spruce Ridge dividend, the company will continue to hold 8.1 million common shares of the issuer.

Under the terms of the dividend, one Canada Nickel Company share will be issued for every 45.36 Spruce Ridge shares held at the close of market on July 6, 2020. Based on Canada Nickel’s current share price of $0.86 per share, it essentially equates to a dividend of $0.0189 per share of Spruce Ridge at current price levels. The distribution is to be made on August 28, 2020.

Canada Nickel Corp’s main project is the Crawford Nickel-Cobalt Sulphide project, near Timmins, Ontario. The company announced earlier this week that infill drilling conducted on the Main Zone provided results of 0.42% nickel over 306 metres.

Spruce Ridge Resources last traded at $0.07 per share on the TSX Venture. At the time of writing, this equates to an effective dividend yield of approximately 27% based on current pricing. Naturally, this yield estimate is subject to change based on share price movement while also being a one-time dividend.


FULL DISCLOSURE: Spruce Ridge Resources is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Spruce Ridge Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

Leave a Reply

Video Articles

Solaris Resources: The Royal Gold Financing Package

How a Single Deal Turned 2 ‘Dead’ Mines into a $2B Project | Canadian Copper PEA – Simon Quick

Silver47 x Summa Silver: Creating An Explorer With A Billion Ounce Goal

Recommended

Brazil Potash Completes Site Prep For Port Terminal

Silver47 x Summa Silver: Creating An Explorer With A Billion Ounce Goal

Related News

Canada Nickel Increases NPV Of Crawford Project To $2.8 Billion

Canada Nickel (TSXV: CNC) has improved the net present value estimate for its Crawford Project...

Monday, March 3, 2025, 07:41:53 AM

Canada Nickel Reports Recoveries Of Up To 59% Nickel From Mann Property Samples

Canada Nickel Company (TSXV: CNC) has completed the first round of metallurgical test work on...

Monday, May 13, 2024, 08:23:15 AM

Canada Nickel Intersects 64.5 Metres Of 0.71% Nickel

Drilling under the current phase of exploration at the Crawford Nickel Sulphide project by Canada...

Monday, April 4, 2022, 08:23:43 AM

Agnico Eagle Takes 12% Stake In Canada Nickel For $23.1 Million

Canada Nickel Company (TSXV: CNC) evidently is raising funds via a flow through financing. In...

Sunday, December 31, 2023, 10:49:41 AM

Canada Nickel Assays 0.23% Nickel Over 501.2 Metres

Canada Nickel Company (TSXV: CNC) announced this morning assays from its various properties. The results...

Monday, January 24, 2022, 09:29:00 AM