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RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2023
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

14.RELATED PARTY TRANSACTIONS

The following amounts due to related parties are included in trade payables and accrued liabilities (Note 8).

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December 31, 2023

    

December 31, 2022

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$

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$

Directors and officers of the Company

 

93,795

 

43,235

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93,795

 

43,235

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These amounts are unsecured, non-interest bearing and have no fixed terms of repayment.

(a)Related party transactions

As a result of the Financing Transactions on June 28, 2023 and December 14, 2023, Cymbria and certain other funds managed by EdgePoint (the “Financing Parties”) have acquired a total of 16,037,800 common shares of the Company, representing approximately

10.7% of the Company’s issued and outstanding shares. The Financing Parties also acquired on closing an aggregate of 6,024,000 warrants with a three-year term and an exercise price of $1.4375 which, if exercised, together with the shares acquired at closing would result in the Financing Parties holding approximately 14.2% of the shares in the aggregate (calculated on a partially-diluted basis). As the result of the closing of the Financing Transactions, the Financing Parties are now related parties of PNRL. During the year ended December 31, 2023, the Company paid interest of $793,392 to the Financing Parties (December 31, 2022 – Nil).

During the year ended December 31, 2022, ThreeD Capital Inc. subscribed for a further 1,279,069 common shares of PNRC, for a further investment of $3,064,582 (USD 2,427,076) (2021 - $374,123). As of December 31, 2023, ThreeD Capital Inc. beneficially owned 5,906,622 (December 31, 2022 – 8,662,347 shares), constituting approximately 3.96% (December 31, 2022– 7.5%) of the issued and outstanding shares of the Company.

Between March 2 and March 3, 2022, PNRC issued Promissory Notes to its officers and directors as well as its shareholders as below:

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$

Directors and officers of the Company

    

35,000

ThreeD Capital Inc.

 

762,180

NAN

 

1,270,000

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2,067,180

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On April 30, 2022, all amounts owing in respect of the above Promissory Notes were repaid in full by payment of cash in an amount of $2,018,568, including interest and fees, and by issuing 326,740 PNRC Shares.

(b)Key management personnel is defined as members of the Board of Directors and senior officers.

Key management compensation was related to the following:

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December 31, 2023

    

December 31, 2022

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$

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$

Management fees

 

3,122,689

 

2,418,984

Corporate and administration expenses

 

467,637

 

102,884

Share base payment

 

657,138

 

4,623,089

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4,247,464

 

7,144,957

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