Michael Gentile Announces Filing of Early Warning Report Related to Acquisition of Units of NorthX Nickel Corp

Rhea-AI Summary

Michael Gentile has announced the acquisition of 4,800,000 units of NorthX Nickel Corp (OTC:NXNIF) through the conversion of subscription receipts. Each unit consists of one common share and one warrant, with warrants exercisable at $0.075 per share for 36 months.

Following the acquisition, Gentile now owns 8.75% of NorthX's outstanding shares on an undiluted basis and 16.09% on a partially diluted basis. The investment is described as long-term, with Gentile indicating potential future transactions depending on market conditions.

Positive

• None.

Negative

• Potential future share dilution if warrants are exercised
• Possible market impact if large position is sold in the future

News Market Reaction

-6.94%

1 alert

-6.94% News Effect

On the day this news was published, NXNIF declined 6.94%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Toronto, Ontario--(Newsfile Corp. - July 21, 2025) - Michael Gentile announces that he has filed an early warning report (the "Report") announcing the acquisition (the "Acquisition") of an aggregate of 4,800,000 units (the "Units") in the capital of NorthX Nickel Corp. (the "Company"), upon conversion of an aggregate of 4,800,000 subscription receipts (the "Subscription Receipts"). Each Subscription Receipt automatically converted into one Unit upon satisfaction of certain escrow release conditions, including of all conditions to the completion of the Company's proposed asset acquisition transaction with Magna Mining Inc.

Each Unit was comprised of one common share (each, a "Common Share") in the capital of the Company and one Common Share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.075 per Common Share until the date that is thirty-six months from the date of closing of the offering.

Prior to the completion of the Acquisition, Mr. Gentile did not beneficially own or control, directly or indirectly, any securities of the Company. Following the completion of the Acquisition, Mr. Gentile beneficially owns and controls, directly or indirectly, an aggregate of 4,800,000 Common Shares and 4,800,000 Warrants, representing approximately 8.75% of the Company's issued and outstanding Common Shares on an undiluted basis and approximately 16.09% of the Company's issued and outstanding on a partially diluted basis.

The Common Shares were acquired for investment purposes. Mr. Gentile has a long-term view of the investment and may acquire additional securities of the Company either on the open market or through private acquisitions or sell the Common Shares on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

For further details relating to the Acquisition, please see the Report, a copy of which is available on SEDAR+, or by contacting Michael Gentile at (514) 591-4227.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/259530

FAQ

What percentage of NorthX Nickel (NXNIF) shares does Michael Gentile now own?

Michael Gentile now owns 8.75% of NorthX Nickel's shares on an undiluted basis and 16.09% on a partially diluted basis.

How many units of NorthX Nickel (NXNIF) did Michael Gentile acquire?

Michael Gentile acquired 4,800,000 units, each consisting of one common share and one warrant.

What is the exercise price and term of the NorthX Nickel (NXNIF) warrants?

The warrants can be exercised at $0.075 per share for a period of 36 months from the closing date.

What are Michael Gentile's investment intentions for NorthX Nickel (NXNIF)?

Gentile has indicated a long-term view of the investment and may acquire additional securities or sell shares depending on market conditions and other factors.

How did Michael Gentile acquire his position in NorthX Nickel (NXNIF)?

Gentile acquired his position through the conversion of 4,800,000 subscription receipts into units following the satisfaction of escrow release conditions.