11:04 AM EDT, 07/30/2024 (MT Newswires) -- Kenorland Minerals ( KLDCF ) said Tuesday it entered into a definitive agreement to sell the South Thompson nickel project in Manitoba to Evolution Nickel.

Under the terms, Evolution will issue Kenorland 26-million shares, give it a seat on its board and grant Kenorland a 2% net smelter royalty.

Closing is conditional on Evolution raising at least $4 million in an equity financing.

The deal is expected to close before Dec. 31.

Kenorland shares were last seen down $0.01 to $1.06 on the TSX Venture Exchange.

Price: 1.06, Change: -0.01, Percent Change: -0.93