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RELATED PARTY TRANSACTIONS | 6 Months Ended
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Jun. 30, 2021
Disclosure of transactions between related parties [abstract] |
RELATED PARTY TRANSACTIONS |
9. | RELATED PARTY TRANSACTIONS
The following amounts due to related parties are included in trade payables and accrued liabilities (Note 6): SCHEDULE OF AMOUNTS DUE TO RELATED PARTIES, INCLUDED IN TRADE PAYABLES AND ACCRUED LIABILITIES (All amounts in table are expressed in thousands of Canadian dollars)
|  | June 30, 2021 |  |  | December 31, 2020 |
Directors and officers of the Company |  |  | 75 |  |  |  | 21 |
Related company |  |  | 3 |  |  |  | 7 |
Total |  |  | 78 |  |  |  | 28 |
These amounts are unsecured, non-interest bearing and have no fixed terms of repayment. The following amount due from related party and advance represent as well as investment in Premium Nickel a private company incorporated in Ontario, in which certain directors and officers of the Company also hold offices and minority investments. (All amounts in table are expressed in thousands of Canadian dollars)
|  | June 30, 2021 |  |  | December 31, 2020 |
Due from related party |  |  | 214 |  |  |  | 55 |
Advance |  |  | - |  |  |  | 50 |
Investment |  |  | 112 |  |  |  | 48 |
Total |  |  | 326 |  |  |  | 153 |
| (a) | Related party transactions
Sentient Executive GP IV Limited (“Sentient”) and Contemporary Amperex Technology Limited (“CATL”) have historically subscribed to private placements of the Company. As of June 30, 2021, Sentient beneficially owns 36,980,982 common shares, constituting approximately 33.66% of the currently issued and outstanding common shares of the Company. As of June 30, 2021, CATL beneficially owns 22,944,444 common shares, constituting approximately 20.89% 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 six months period ended June 30, 2021, the Company recorded $28,574 (June 30, 2020 - $62,822) in fees charged by a legal firm in which the Company’s former chairman is a consultant.
| (b) | Key management personnel are defined as members of the Board of Directors and senior officers.
Key management compensation was: SCHEDULE OF KEY MANAGEMENT COMPENSATION (All amounts in table are expressed in thousands of Canadian dollars)
|  | June 30, 2021 |  |  | June 30, 2020 |
Geological consulting fees – expensed |  |  | - |  |  |  | 5 |
Management fees – expensed |  |  | 386 |  |  |  | 249 |
Salaries - expensed |  |  | - |  |  |  | 81 |
Share-based payments |  |  | 621 |  |  |  | 671 |
Total |  |  | 1,007 |  |  |  | 1,006 |
Notes to the Condensed Interim Consolidated Financial Statements For the six months ended June 30, 2021 (Expressed in Canadian dollars)

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