Nickel Asia formalizes exit in Coral Bay

Zamora-led Nickel Asia Corp. (NAC) has signed a share purchase agreement with its Japanese partner Sumitomo Metal Mining Co. Ltd. (SMM) to formalize its exit in Coral Bay Nickel Corp. (CBNC).

- By JASPER EMMANUEL ARCALAS

In a regulatory filing, NAC said it signed the agreement with SMM for the sale of its stake in CBNC amounting to 15.625 percent of the firm's total outstanding and issued capital stock. SMM currently owns 84.375 percent of CBNC.

"The purchase price of the CBNC shares is based on the carrying amount of the CBNC shares in NAC's financial statement as of Sept. 30, 2024," NAC said.