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RELATED PARTY TRANSACTIONS
 9 Months Ended
Sep. 30, 2021
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)

 

  

September 30, 2021

  

December 31, 2020

 
Directors and officers of the Company   59    21 
Related company   5    7 
Total   64    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)

 

  

September 30, 2021

   December 31, 2020 
Due from related party   287    55 
Advance   -    50 
Investment   428    48 
Total   715    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 September 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 September 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 nine months period ended September 30, 2021, the Company recorded $36,957 (September 30, 2020 - $155,810) in fees charged by a legal firm in which the Company’s former chairman is a consultant.

 

 

Notes to the Condensed Interim Consolidated Financial Statements

For the nine months ended September 30, 2021

(Expressed in Canadian dollars)

 

(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, 2021   September 30, 2020 
Geological consulting fees – expensed   -    5 
Management fees – expensed   539    360 
Salaries - expensed   -    128 
Share-based payments   621    671 
Total   1,160    1,164