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CanAlaska acquiring historical Manibridge mine from Pure Nickel

CanAlaska Uranium Ltd. agreed to buy the past-producing Manibridge nickel mine in Manitoba from Pure Nickel Inc., according to a March 25 release.

Consideration comprises C$25,000, 300,000 shares and 100,000 warrants exercisable within two years at 28 Canadian cents per share.

The 270-hectare claims, called Ore 5 and Ore 6, are subject to retained interests held by Glencore Canada Corp. as part of a 2007 deal with Pure Nickel.

Under the agreement, Glencore has a right to buy back a 50% stake upon the discovery of at least 15 million tonnes of resources. The company also has a 2% net smelter royalty as well as off-take and marketing rights for all concentrate or product produced.