NiCo Mining Limited

NiCo Mining Limited

March 17, 2008 17:20 ET

NiCo Mining Limited (Formerly Sudbury Capital Corporation) Completes Business Combination Transaction

TORONTO, ONTARIO--(Marketwire - March 17, 2008) -


NiCo Mining Limited (formerly Sudbury Capital Corporation) (the "Corporation") (TSX VENTURE:NCL) is pleased to announce that the TSX Venture Exchange (the "Exchange") has been provided with final materials in respect of the Corporation's previously announced business combination with NiCo Mining Corp. that was completed on March 12, 2008 (the "Business Combination Transaction") and that the common shares of the Corporation (the "Common Shares") are expected to commence trading on the Exchange as a Tier 2 Issuer under the symbol "NCL" on or about March 18, 2008. As of today's date, the Corporation has an aggregate of 20,898,100 Common Shares issued and outstanding of which 20,498,100 Common Shares are held by former shareholders of NiCo Mining Corp.

Prior to the completion of the Business Combination Transaction, all of the issued and outstanding common shares of Sudbury Capital Corporation ("Sudbury") were consolidated on a ten for one basis and Sudbury changed its name to "NiCo Mining Limited". The consolidation and name change were previously approved at the annual and special meeting of the shareholders of Sudbury held on December 7, 2007. The authorized share capital of Sudbury prior to the consolidation consisted of an unlimited number of common shares of which 4,000,000 common shares were outstanding and following the consolidation consisted of 400,000 common shares.

On October 3, 2007, NiCo Mining Corp. issued by way of a private placement a total of 12,998,000 units ("Units") at a price of $1.00 per Unit for aggregate gross proceeds of $12,998,000. Each Unit consisted of one common share of NiCo Mining Corp. (a "NiCo Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant entitled the holder thereof to purchase one common share of NiCo Mining Corp. at a price of $1.50 per share prior to October 3, 2009, subject to acceleration in certain events. Wellington West Capital Markets Inc. acted as agent in connection with the offering of the Units and received a cash commission equal to 6% of the total proceeds of the offering and compensation options entitling Wellington West to acquire a total of 779,880 additional Units at a price of $1.00 each at any time prior to October 3, 2009. Upon completion of the Business Combination Transaction, the holders of NiCo Shares were issued one Common Share for each NiCo Share held and each Warrant became exercisable to acquire one Common Share of the Corporation in accordance with its terms. NiCo Mining Corp. also became a wholly-owned subsidiary of NiCo Mining Limited upon completion of the Business Combination Transaction.

In connection with the Business Combination Transaction, an aggregate of 5,150,000 Common Shares, options to purchase an aggregate of 625,000 Common Shares and warrants to purchase an aggregate of 150,000 Common Shares previously issued to certain principals and founders of the Corporation are subject to escrow in accordance with the policies of the Exchange and will be released from escrow over a period of 36 months. In addition, a total of 2,350,000 Common Shares and 2,350,000 warrants (each exercisable for one Common Share at $0.75 per share prior to July 4, 2009) held by 15 security holders will be subject to up to a four-month hold period in accordance with the policies of the Exchange relating to seed share resale rules.

The Board of Directors of the Corporation is now comprised of the following people: Anthony Frizelle, Laurie Mutch, Robert Bondy, Philip Martin and Stephen Haggerty. The management team consists of: Anthony Frizelle, Chairman and Chief Executive Officer; Laurie Mutch, President; George Mihaleto, Chief Operating Officer; Robert Bondy, Secretary; Brian Hambleton-Jones, VP Africa; and Richard Giel, Chief Financial Officer.

The Corporation is engaged in the exploration of three large nickel cobalt concessions, being Lomie 1, Lomie 2 and Lomie 3 (the "Lomie Concessions") which total approximately 2,800 square kilometres in the Republic of Cameroon.

Robert Ingram, a geologist with Turgis consulting (Pty) Ltd., and a qualified person as defined by National Instrument 43-101, prepared the technical report in respect of the Lomie Concessions dated November 15, 2007.

Further information in respect of the Business Combination Transaction, the Corporation's Lomie Concessions and the technical report is included in the Filing Statement of the Corporation (under the name "Sudbury Capital Corporation") dated February 28, 2008 and available on SEDAR at

About NiCo Mining

NiCo is an exploration and development company focused on Nickel and Cobalt Mineral properties in Africa. The Company currently holds three Exploration Permits (EPs) in the Lomie area of SE Cameroon. The EPs fall within the nickel-cobalt laterite province first identified by the UNDP in the period 1981 to 1986 and are adjacent to one of the world's larger primary Cobalt deposits. The permits cover approximately 2,800km2.

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Corporation. These risks and uncertainties could cause actual results and the Corporation's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Corporation assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.

The Exchange has in no way passed upon the merits of the qualifying transaction and has neither approved nor disapproved the contents of this release.

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