03:35 PM EDT, 06/28/2024 (MT Newswires) -- Flying Nickel Mining ( FLYNF ) was slightly lower just before the close of trade Friday as it confirmed its proposed acquisition of Nevada Vanadium Mining "continues to progress." The acquisition was first announced August 2022.

The transaction was delayed primarily due to staff turnover at the end of 2022, a change in auditors in December 2022, and also a change in fiscal year end from December 31 to March 31 effective March 31, 2023.

Shareholders owning 36% of the company said late on Thursday that they don't support the company's acquisition of Nevada Vanadium Mining.

The shareholders - Blackstone Minerals, Sparta AG and Norway House Cree Nation - said management won't be able to manage a larger company as little progress has been made with the current Minago project, which is located in the Norway House Cree Nation territory in Manitoba.

The shareholders also rejected three of the four Flying Nickel board nominees and are proposing an alternate slate of four directors who they say will add additional mine development and operating experience to the board.

The merger and board slate will be considered at the annual general and special meeting scheduled for July 10.

Blackstone and Sparta participated in the Flying Nickel IPO in 2022 and in subsequent capital raisings. Blackstone invested in Flying Nickel to secure a strategic position in the Minago Project and to have input into the development studies. Blackstone is developing the Ta Khoa Nickel Refinery in Vietnam, and considers the Minago nickel project a long-term source of nickel.

FLYN was at last look down $0.005 at $0.105.

Price: 0.11, Change: -0.01, Percent Change: -4.55