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RELATED PARTY TRANSACTIONS
 6 Months Ended
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):

 

(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:

 

(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)