Nickel One Resources Inc. signed a definitive agreement with Finore Mining Inc. to fully acquire the Lantinen Koillismaa platinum group elements-copper-nickel project in Finland.

Under the terms, the company will acquire Finore subsidiary Nortec Minerals OY by issuing 5 million common shares and 2.5 million share purchase warrants exercisable for two years at 12 Canadian cents apiece.

The company will also abide by all the underlying agreements with respect to ownership of the project, it said Feb. 1.

President, CEO and Director Vance Loeber said the acquisition provides the company "with a foothold in Finland from which [it] will be taking a hard look at other opportunities to continue to build a strong portfolio of projects in Nickel One."

The companies inked a binding letter agreement covering the acquisition in October 2016.