Spruce Ridge Completes Amalgamation, Changes Name to Homeland Nickel

Spruce Ridge Resources Ltd. completes vertical amalgamation with Homeland Nickel Inc., effective May 10, 2024. The company will change its name to Homeland Nickel Inc. on May 16, 2024, and continue trading under the same symbol 'SHL' on the TSX Venture Exchange.

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Bijay Laxmi
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Spruce Ridge Completes Amalgamation, Changes Name to Homeland Nickel

Spruce Ridge Completes Amalgamation, Changes Name to Homeland Nickel

Spruce Ridge Resources Ltd. (TSE:SHL) has announced the completion of its vertical amalgamation with Homeland Nickel Inc., effective May 10, 2024. As a result, the company will change its name to Homeland Nickel Inc. on May 16, 2024.

Notably, the company's common shares will continue to trade under the same symbol, 'SHL', on the TSX Venture Exchange. This rebranding marks a significant shift in the company's focus, as it aims to become a nickel-focused explorer and potentially the sole domestic supplier of nickel in the continental US.

Why this matters: The increasing demand for nickel in the green energy and electric vehicle sectors has significant implications for the global energy transition, and Homeland Nickel's potential to become a leading nickel explorer could have a substantial impact on the industry's supply chain. As the world shifts towards cleaner energy sources, companies like Homeland Nickel will play a crucial role in meeting the growing demand for critical metals like nickel.

"The name change to Homeland Nickel Inc. officially marks the transition of the Company into a nickel focused explorer and developer," said Steve Balch, President and CEO of the company.

Homeland Nickel is a Canadian-based mineral exploration company focused on critical metal resources, with nickel projects in Oregon, United States, and copper projects in Newfoundland, Canada. The company holds a significant portfolio of mining securities, including shares of Canada Nickel Company Inc., Noble Mineral Exploration Inc., Benton Resources Inc., and Magna Terra Minerals Inc.

The company's common shares will commence trading on the TSX Venture Exchange under the new name on May 16, 2024, and its website will be available at www.homelandnickel.com. The vertical amalgamation with wholly owned subsidiary Homeland Nickel Inc. was completed on May 10, 2024.

Common share certificates bearing the old company name, "Spruce Ridge Resources Ltd.", continue to be valid and will only be replaced with certificates bearing the new name against transfer. The company is not requesting, and shareholders are not required to exchange their existing common share certificates for new certificates bearing the new company name.

The completion of the vertical amalgamation and name change to Homeland Nickel Inc. positions the company to focus on becoming a leading nickel explorer and the potential sole domestic supplier of nickel in the continental United States. With its portfolio of critical metal projects and strategic mining investments, Homeland Nickel aims to capitalize on the growing demand for nickel in the rapidly evolving green energy and electric vehicle sectors.

Key Takeaways

  • Spruce Ridge Resources Ltd. changes name to Homeland Nickel Inc. on May 16, 2024.
  • Company remains listed on TSX Venture Exchange under symbol 'SHL'.
  • Homeland Nickel focuses on nickel exploration and development in the US.
  • Company aims to become sole domestic supplier of nickel in continental US.
  • Growing demand for nickel in green energy and electric vehicle sectors drives growth.