Nearctic Nickel Mines Inc. (formerly Ungava Minerals Corp.)

September 12, 2007 15:33 ET

Nearctic Nickel Mines Inc. (Formerly Ungava Minerals Corp.) Acquires Byron Americor Inc. and Transfers Ungava Mines Inc. to It

MONTREAL, QUEBEC--(Marketwire - Sept. 12, 2007) - Nearctic Nickel Mines Inc., (formerly Ungava Minerals Corp.) (the "Corporation") (PINK SHEETS:UGVAF) is pleased to announce that, by a series of transactions, it has acquired control of Byron Americor Inc. "Byron" an Ontario company whose common shares trade on the NASDAQ OTC BB market, "BYNAF".

In one transaction the Corporation acquired 14,131,638 Byron common shares for nominal consideration. These shares are to be dividended to Corporation shareholders at a future date on the basis of one Byron share for each two Corporation shares held.

In another transaction, the Corporation transferred to Byron all the shares and share purchase warrants of Ungava Mines Inc. outstanding and 5,000,000 Corporation share purchase warrants exercisable at $0.75 per share for five years in exchange for 75,868,362 Byron common shares and 10,000,000 Byron common share purchase warrants exercisable at $0.75 per share for five years. Byron has been a shell company with nominal assets and limited liabilities.

There are now 92,688,998 common shares of Byron outstanding.

This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors which may cause the Company's results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements.

Issued and Outstanding: 28,263,276 Common Shares

Contact Information

  • Nearctic Nickel Mines Inc.
    Dr. Allan Miller
    (613) 231-5656