XML 75 R44.htm IDEA: XBRL DOCUMENT v3.22.2.2
INVESTMENT IN PREMIUM NICKEL RESOURCES INC. (Details Narrative)
3 Months Ended 6 Months Ended 12 Months Ended 19 Months Ended
May 06, 2022
USD ($)
Mar. 03, 2022
USD ($)
Jan. 02, 2020
CAD ($)
Jun. 30, 2022
CAD ($)
$ / shares
Mar. 31, 2022
CAD ($)
Jun. 30, 2021
CAD ($)
Jun. 30, 2022
CAD ($)
$ / shares
shares
Jun. 30, 2021
CAD ($)
Dec. 31, 2020
CAD ($)
shares
Dec. 31, 2019
CAD ($)
Apr. 28, 2022
$ / shares
Apr. 02, 2022
$ / shares
Dec. 31, 2021
CAD ($)
Apr. 20, 2021
$ / shares
IfrsStatementLineItems [Line Items]                            
Par value per share | $ / shares                     $ 0.48 $ 0.48   $ 0.24
Assets       $ 41,859,000     $ 41,859,000           $ 41,683,000  
Profit (loss)       (983,000)   $ (421,000) (1,373,000) $ (1,546,000)            
Warrant liability       28,687,199     28,687,199              
Revaluation loss       19,712,297     19,712,297              
Professional fees expense     $ 19,106 51,000   20,000 72,000 33,000   $ 30,951        
Administrative expenses       27,000   35,000 58,000 52,000            
Amounts receivable, related party transactions       $ 280,000     $ 280,000           $ 199,000  
Borrowings   $ 1,000,000                        
Borrowings, interest rate   10.00%                        
Percentage of lender fee   3.00%                        
Borrowings, maturity   April 30, 2022                        
Repayment of promissory note $ 1,045,890                          
Premium Nickel Resources [Member]                            
IfrsStatementLineItems [Line Items]                            
Percentage of voting equity interests acquired                         10.00%  
Assets         $ 21,187,000                  
Profit (loss)         $ 23,649,000                  
Memorandum of Understanding [Member] | Premium Nickel Resources [Member]                            
IfrsStatementLineItems [Line Items]                            
Number of units subscribed | shares             2,400,000              
Par value per share | $ / shares       $ 0.01     $ 0.01              
Investments accounted for using equity method       $ 24,000     $ 24,000              
Investment description             The Company’s initial investment also included Premium Nickel issuing the Company a non-transferable share purchase warrant (the “Warrant”), which entitles the Company to purchase common shares of Premium Nickel, for up to 15% of the capital of Premium Nickel upon payment of US $10 million prior to the fifth anniversary of the date of issue              
Assets       7,170,054     $ 7,170,054              
Profit (loss)             27,630,005              
Memorandum of Understanding [Member] | Premium Nickel Resources [Member] | Common Shares [Member]                            
IfrsStatementLineItems [Line Items]                            
Number of units subscribed | shares                 4,657,711          
Investments accounted for using equity method                 $ 154,164       $ 441,446  
Proportion of ownership interest in subsidiary                 11.01%          
Service Agreement [Member] | Premium Nickel Resources [Member]                            
IfrsStatementLineItems [Line Items]                            
Investments accounted for using equity method       866,848   793,017 $ 866,848 793,017            
Investment description             The Company will charge Premium Nickel for expenses incurred and has the right to charge a 2% administrative fee on third party expenses. The Company will invoice Premium Nickel on a monthly basis and payment shall be made by Premium Nickel no later than 15 days after receipt of such invoice. The term of the Service Agreement is for an initial period of 3 years and can be renewed for an additional 1 year period. The Service Agreement can be terminated within 30 days notice, for non-performance, by the Company giving 6 months notice or Premium Nickel within 90 days provided the Company no longer owns at least 10% of the outstanding common shares of Premium Nickel              
Professional fees expense             $ 937,583 844,379            
Administrative expenses             17,212              
Amounts receivable, related party transactions       $ 279,880   $ 214,195 $ 279,880 $ 214,195