HEIDELBERG, Germany, Feb. 16, 2023 (GLOBE NEWSWIRE) -- On February 16, 2023, SPARTA AG (“SPARTA”) acquired 1,000,000 units (“Units”) of Flying Nickel Mining Corp. (“Issuer”) (TSX-V: FLYN) in a non-brokered private placement at a price of C$0.16 per Unit, with each Unit consisting of one common share (“Share”) and one share purchase warrant (“Warrant”), with each Warrant entitling the holder to purchase one additional Share of the Issuer at a price of $0.20 per share for three years. The acquired Units represent 2.83% of the issued and outstanding Shares, assuming exercise of warrants. SPARTA acquired the Units for a consideration per Unit of $0.16 (excluding fees). The total consideration paid for the Units was $160,000.00 (excluding fees).

Immediately prior to the acquisition, SPARTA held 4,901,500 Shares and 2,000,000 warrants, representing 10.77% of the issued and outstanding Shares, assuming exercise of warrants. Immediately following the acquisition, SPARTA holds 5,901,500 Shares and 3,000,000 warrants, representing 12.57% of the issued and outstanding Shares, assuming exercise of warrants.

The acquisition of Units of the Issuer was made for investment purposes. In accordance with applicable securities laws, SPARTA may, from time to time and at any time, acquire additional Shares and/or other equity, debt or other securities or instruments (collectively, “Securities”) of the Issuer in the open market or otherwise, and SPARTA reserves the right to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of the Issuer and other relevant factors.

SPARTA was formed under the laws of Germany and its principal business is to invest its own funds.

For further details relating to the foregoing please see the Early Warning Report filed in accordance with applicable securities laws, a copy of which is available under the Company’s profile on the SEDAR website at www.sedar.com, or may be obtained from SPARTA AG, Philipp Wiedmann (Member of the Board), +49 6221 6492441, info@sparta.de.