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Related Party Transactions | 9 Months Ended
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Sep. 30, 2020
Disclosure of transactions between related parties [abstract] |
Related Party Transactions |
8. | RELATED PARTY TRANSACTIONS
The following amounts due to related parties are included in trade payables and accrued liabilities (Note 6): (All amounts in table are expressed in thousands of Canadian dollars)
|  | September 30, 2020 |  |  | December 31, 2019 |
Directors and officers of the Company |  |  | 27 |  |  |  | 38 |
Related companies |  |  | 86 |  |  |  | 131 |
Total |  |  | 113 |  |  |  | 169 |
These amounts are unsecured, non-interest bearing and have no fixed terms of repayment. The following amount represent other receivable included in current assets as well as investment in a related private company. (All amounts in table are expressed in thousands of Canadian dollars)
|  | September 30, 2020 |  |  | December 31, 2019 |
Due from related party |  |  | - |  |  |  | 95 |
Investment in related party |  |  | 163 |  |  |  | 24 |
On September 30, 2019, the Company entered into a Memorandum of Understanding (“MOU”) with a private company, Premium Nickel Resources (“PNR”) incorporated in Ontario in which certain directors and officers of the Company also hold offices and minority investments. Concurrent with the MOU, the Company subscribed for 2,400,000 common shares of PNR at $0.01, for a total investment of $24,000. Further, during the nine months period ended September 30, 2020, the Company subscribed for additional 3,686,749 common shares at $0.02, 652,152 common shares at $0.05 and 218,810 common shares at $0.15 for an additional investment of $139,164. As of September 30, 2020, the Company’s total investment amounts to $163,164 and constitutes a 10.96% holding in PNR and includes a provision that will give the Company the right to nominate two directors to the board of directors of PNR. Subsequently on October 22, 2020, the Company further invested $15,000 for 100,000 shares of PNR to increase its ownership to 11.01%. PNR has issued the common shares certificate but yet to issue the final form of the Warrant to the Company that entitle the Company to purchase common shares of PNR up to 15% of the capital of PNR upon payment of US $10 million prior to the fifth anniversary of the date of issue. On January 1,2020, the Company entered into a Management and Technical Services Agreement (the “Services Agreement”) with PNR, whereby the Company will provide certain technical, corporate, administrative and clerical, office and other services to PNR during the due diligence stage of the contemplated arrangement. The CEO, CFO and the Chair of NAN’s Board were appointed to be the CEO, CFO and the Chair of PNR. There were no amounts receivable due from the PNR as at September 30, 2020.
| (a) | Related party transactions
As of September 30, 2020, Sentient beneficially owns 36,980,982 common shares on a post-consolidation basis constituting approximately 41.70% of the currently issued and outstanding common shares. On September 30, 2020, CATL beneficially owns 22,944,444 common shares on a post-consolidation basis constituting approximately 25.87% of the currently issued and outstanding shares of the Company. CATL has pre-emptive rights and the right to nominate one director to the board of directors of the Company. During the nine months period ended September 30, 2020, the Company recorded $155,810 (September 30, 2019 - $121,716) in fees charged by a legal firm in which the Company’s chairman is a consultant.
| (b) | Key management personnel are defined as members of the Board of Directors and senior officers.
Key management compensation was: (All amounts in table are expressed in thousands of Canadian dollars)
|  | September 30, 2020 |  |  | September 30, 2019 |
Geological consulting fees – expensed |  |  | 5 |  |  |  | 86 |
Management fees – expensed |  |  | 360 |  |  |  | 567 |
Salaries - expensed |  |  | 128 |  |  |  | 142 |
Share-based payments |  |  | 671 |  |  |  | - |
Total |  |  | 1,164 |  |  |  | 795 |

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