Toronto, Ontario--(Newsfile Corp. - July 21, 2025) - Michael Gentile announces that he has filed an early warning report (the "Report") announcing the acquisition (the "Acquisition") of an aggregate of 4,800,000 units (the "Units") in the capital of NorthX Nickel Corp. (the "Company"), upon conversion of an aggregate of 4,800,000 subscription receipts (the "Subscription Receipts"). Each Subscription Receipt automatically converted into one Unit upon satisfaction of certain escrow release conditions, including of all conditions to the completion of the Company's proposed asset acquisition transaction with Magna Mining Inc.
Each Unit was comprised of one common share (each, a "Common Share") in the capital of the Company and one Common Share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.075 per Common Share until the date that is thirty-six months from the date of closing of the offering.
Prior to the completion of the Acquisition, Mr. Gentile did not beneficially own or control, directly or indirectly, any securities of the Company. Following the completion of the Acquisition, Mr. Gentile beneficially owns and controls, directly or indirectly, an aggregate of 4,800,000 Common Shares and 4,800,000 Warrants, representing approximately 8.75% of the Company's issued and outstanding Common Shares on an undiluted basis and approximately 16.09% of the Company's issued and outstanding on a partially diluted basis.
The Common Shares were acquired for investment purposes. Mr. Gentile has a long-term view of the investment and may acquire additional securities of the Company either on the open market or through private acquisitions or sell the Common Shares on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
For further details relating to the Acquisition, please see the Report, a copy of which is available on SEDAR+, or by contacting Michael Gentile at (514) 591-4227.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/259530
SOURCE: Michael Gentile
