COVER SHEET                                                                                                               ...
‘’ƒ› • —ŽŽ ƒ‡     – Š             Ž ‘ ‘ ”                              ‡  – ” ‡                                  ‡ Ž ƒ...
ˆ ’’Ž‹…ƒ„Ž‡ ‡’– ‡“—‹”‹‰ –Š‹• ‘…                                                                    ‡†‡† ”–‹…Ž‡• —„‡” ‡...
ƒ•Š‹‡”                                                                                              ‡ƒ”• Ž‡ƒ•‡ —•‡      ...
—„‡”                                              ‹Ž‡ —„‡”
‘’ƒ› • —ŽŽ ƒ‡–Š   Ž‘‘”     ‡–”‡       ‡Žƒ ‘•ƒ –”‡‡–        ‡‰ƒ•’‹ ‹ŽŽƒ‰‡ ƒƒ–‹ ‹–›             ‘’ƒ› • ††”‡••        ...
ˆ ƒ’’Ž‹…ƒ„Ž‡            ‘” –Š‡ “—ƒ”–‡” ‡†‡†               —‡             ‡”‹‘† †‡† ƒ–‡ ‡…‘†ƒ”› ‹…‡•‡ ›’‡ ƒ† ‹Ž‡ —„‡”
‘” –Š‡ “—ƒ”–‡”Ž› ’‡”‹‘† ‡†‡†
†‡–‹ˆ‹…ƒ–‹‘ —„‡”
ƒš
†‡–‹ˆ‹…ƒ–‹‘ ‘   šƒ…– ƒ‡ ‘ˆ ‹••—‡” ƒ• •’‡…‹ˆ‹‡† ‹ ‹–• …Šƒ”–‡”
”‘˜‹…‡ ‘—–”› ‘” ‘–Š‡” Œ—”‹•†‹…–‹‘ ‘ˆ ‹…‘”’‘”ƒ–‹‘ ‘” ‘”‰ƒ‹œƒ–‹‘
†—•–”› Žƒ••‹ˆ‹…ƒ–‹‘ ‘†‡                      •‡ Ž›   ††”‡•• ‘ˆ ’”‹…‹’ƒŽ ‘ˆˆ‹…‡                          ‘•–ƒŽ ‘†‡   –Š...
••—‡” • –‡Ž‡’Š‘‡ —„‡” ‹…Ž—†‹‰ ƒ”‡ƒ …‘†‡   ‘”‡” ƒ‡ ˆ‘”‡” ƒ††”‡•• ƒ† ˆ‘”‡” ˆ‹•…ƒŽ ›‡ƒ” ‹ˆ …Šƒ‰‡† •‹…‡ Žƒ•– ”‡’‘...
ˆ ›‡• •–ƒ–‡ –Š‡ ƒ‡ ‘ˆ •—…Š •–‘… ‡š…Šƒ‰‡ ƒ† –Š‡ …Žƒ••‡• ‘ˆ •‡…—”‹–‹‡• Ž‹•–‡† –Š‡”‡‹
‘‘ –‘…  Š‡… ™Š‡–Š‡” –Š‡ ‹••—‡”  ƒ Šƒ• ˆ‹Ž‡† ƒŽŽ ”‡’‘”–• ”‡“—‹”‡† –‘ „‡ ˆ‹Ž‡† „› ‡…–‹‘   ‘ˆ –Š‡  ƒ†  —Ž‡       –Š‡”‡...
NICKEL ASIA CORPORATION 17-Q QUARTERLY REPORT       JUNE 30, 2011
ƒ‰‡ ‘
–‡     ‹ƒ…‹ƒŽ –ƒ–‡‡–•         —ƒ”› ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ
…‘‡ ˆ‘” –Š‡ –Š”‡‡ ‘–Š• ƒ† •‹š            ‘–Š• ‡†‡† —‡        ƒ†         —ƒ”› ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ ‹ƒ…‹ƒŽ...
–‡ ƒƒ‰‡‡– • ‹•…—••‹‘ ƒ† ƒŽ›•‹• ‘ˆ ‹ƒ…‹ƒŽ ‘†‹–‹‘ ƒ†     ‡•—Ž–• ‘ˆ ’‡”ƒ–‹‘•
NICKEL ASIA CORPORATION                                                                                 —ƒ”–‡”Ž› ‡’‘”–    ...
–‡      ‹ƒ…‹ƒŽ –ƒ–‡‡–•Š‡ ƒ—†‹–‡†
–‡”‹ ‘•‘Ž‹†ƒ–‡† ‹ƒ…‹ƒŽ –ƒ–‡‡–• ƒ• ƒ– —‡                      ƒ† ˆ‘” –Š‡ –Š”‡‡ ‘–Š ƒ†•‹š ‘–Š ’‡”‹‘† ‡†‡† —‡...
…‘‡                                       ‘” –Š‡ Š”‡‡ ‘–Š• †‡†                    ‘” –Š‡ ‹š ‘–Š• †‡†                ...
 –Š‘—•ƒ† ’‡•‘•
 –Š‘—•ƒ† ’‡•‘•‡˜‡—‡• ‘•– ƒ† ‡š’‡•‡• ‹ƒ…‡ ‹…‘‡ ‹ƒ…‡ ‡š’‡•‡•–Š‡” ‹…‘‡ …Šƒ”‰‡• ‡–”‘˜‹•‹‘ ˆ‘” ‹…‘‡ –ƒš ‡–‡–...
…”‡ƒ•‡       ‡”…‡–                                                                                       ‡…”‡ƒ•‡
… ‡…                                              ƒ—†‹–‡†                  —†‹–‡†                                       ...
 Š‘—•ƒ† ‡•‘• —””‡– ƒ••‡–•‘…—””‡– ƒ••‡–•‘–ƒŽ ƒ••‡–• —””‡– Ž‹ƒ„‹Ž‹–‹‡•‘…—””‡– Ž‹ƒ„‹Ž‹–‹‡•‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•–• “—...
NICKEL ASIA CORPORATION                                                                          —ƒ”–‡”Ž› ‡’‘”–           ...
 Š‘—•ƒ† ‡•‘•
 Š‘—•ƒ† ‡•‘•‡– …ƒ•Š ˆŽ‘™• —•‡† ‹     ’‡”ƒ–‹‰ ƒ…–‹˜‹–‹‡•
˜‡•–‹‰ ƒ…–‹˜‹–‹‡•      ‹ƒ…‹‰ ƒ…–‹˜‹–‹‡•‡– ‹…”‡ƒ•‡ †‡…”‡ƒ•‡ ‹ …ƒ•Š     ƒ† …ƒ•Š ‡“—‹˜ƒŽ‡–• ƒ•Š ƒ† …ƒ•Š ‡“—‹˜ƒŽ‡–•...
–‡ ƒƒ‰‡‡– • ‹•…—••‹‘ ƒ† ƒŽ›•‹• ˆ ‹ƒ…‹ƒŽ ‘†‹–‹‘ ƒ† ‡•—Ž–• ˆ’‡”ƒ–‹‘•Š‡ ˆ‘ŽŽ‘™‹‰ †‹•…—••‹‘ ƒ† ƒƒŽ›•‹• ‹• „ƒ•...
–‡”‹ ‹ƒ…‹ƒŽ ‡’‘”–‹‰ ƒ† ‹…Ž—†‡† Š‡”‡‹ ƒ† •Š‘—Ž† „‡ ”‡ƒ† ‹  ‘Œ—…–‹‘ ™‹–Š –Š‘•‡ —ƒ—†‹–‡† ‹–‡”‹ …‘•‘Ž‹†ƒ–‡† ˆ...
–‡”‹ ‹ƒ…‹ƒŽ ‡’‘”–‹‰ ƒ† ‹…Ž—†‡† Š‡”‡‹ ƒ† •Š‘—Ž† „‡ ”‡ƒ† ‹  ‘Œ—…–‹‘ ™‹–Š –Š‘•‡ —ƒ—†‹–‡† ‹–‡”‹ …‘•‘Ž‹†ƒ–‡† ˆ...
NICKEL ASIA CORPORATION                                                                    —ƒ”–‡”Ž› ‡’‘”–                 ...
 ƒ††‹–‹‘  Šƒ† ƒ ‘‡ ‘ˆˆ •ƒŽ‡ ‘ˆ              –Š‘—•ƒ†  ‘ˆŽ‹‘‹–‡ ‘”‡ –‘  ‹ –Š‡ ˆ‹”•– ŠƒŽˆ ‘ˆ          Š‡ ’—”’‘•‡ ‘ˆ –Š...
NICKEL ASIA CORPORATION                                                                      —ƒ”–‡”Ž› ‡’‘”–               ...
 …‘–”ƒ•–  •Š‹’’‡†         –Š‘—•ƒ†  ‘ˆ •ƒ’”‘Ž‹–‡ ‘”‡ –‘ ƒ’ƒ ƒ† Š‹ƒ ƒ†      –Š‘—•ƒ†  ‘ˆ Ž‹‘‹–‡ ‘”‡ –‘ Š‹‡•‡ …—•–‘...
NICKEL ASIA CORPORATION                                                                     —ƒ”–‡”Ž› ‡’‘”–                ...
… ƒ•™‡ŽŽ ƒ• …‘’‡•ƒ–‹‘ ‡š’‡•‡• ”‡Žƒ–‡† –‘ ‘—” ’Ž‘›‡‡• –‘… ’–‹‘ Žƒ ƒ† –Š‡ ‹…”‡ƒ•‡ ‹†‡’”‡…‹ƒ–‹‘ ‡š’‡•‡ ˆ”‘    ...
…‘‡—” ˆ‹ƒ…‡ ‹…‘‡ ™ƒ•         ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡        ƒ• …‘’ƒ”‡† –‘      ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š...
…‘‡ Šƒ”‰‡•—” ‘–Š‡” ‹…‘‡ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡                ™ƒ•        ‹ŽŽ‹‘ ƒ• …‘’ƒ”‡† –‘       ‹ŽŽ‹‘ ‹ ...
NICKEL ASIA CORPORATION                                                                    —ƒ”–‡”Ž› ‡’‘”–                 ...
…‘‡ ƒš”‘˜‹•‹‘ ˆ‘” ‹…‘‡ –ƒš ™ƒ•          ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡           ƒ•…‘’ƒ”‡† –‘            ‹ŽŽ‹‘...
…‘‡ ‘••Šƒ”‡ ‹ ”ƒ•Žƒ–‹‘ †Œ—•–‡– ‘ˆ ƒ ••‘…‹ƒ–‡—” •Šƒ”‡ ‹ –”ƒ•Žƒ–‹‘ ƒ†Œ—•–‡– ‘ˆ ƒ ƒ••‘…‹ƒ–‡ ™ƒ• ƒ Ž‘•• ‘ˆ      ...
˜‡•–‡–• ‘ˆ      ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡  ••‡– ‡˜ƒŽ—ƒ–‹‘ —”’Ž—•—” ƒ••‡– ”‡˜ƒŽ—ƒ–‹‘ •—”’Ž—• ™ƒ•      ‹ŽŽ‹‘...
…‘‡ ‘•• ‡– ‘ˆ ƒš—” –‘–ƒŽ ‘–Š‡” …‘’”‡Š‡•‹˜‡ Ž‘•• ‡– ‘ˆ –ƒš ™ƒ•      ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡          ƒ• …‘...
NICKEL ASIA CORPORATION                                                                    —ƒ”–‡”Ž› ‡’‘”–                 ...
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Nickel Asia SEC Quarterly Report - June 30 2011

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Nickel Asia SEC Quarterly Report
June 30 2011

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  • NO TO MINING IN PALAWAN and other Key Biodiversity Areas, Natural Forests, Island Ecosystems, Critical Watersheds and Agricultural Areas!
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  • Ang yaman ng Palawan ay yaman ng Pilipinas It is known as the Philippines’ Last Ecological Frontier. It has 40% of our country’s remaining mangrove areas, 30% of our coral reefs, at least 17 Key Biodiversity Areas (KBAs), 2 UNESCO World Heritage Sites, and 8 declared Protected Areas (PAs). It is unmatched anywhere in the country.
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Transcript of "Nickel Asia SEC Quarterly Report - June 30 2011"

  1. 1. COVER SHEET ‡‰‹•–”ƒ–‹‘ —„‡”
  2. 2. ‘’ƒ› • —ŽŽ ƒ‡ – Š Ž ‘ ‘ ” ‡  – ” ‡ ‡ Ž ƒ ‘ • ƒ – ” ‡ ‡ – ‡ ‰ ƒ • ’ ‹ ‹ Ž Ž ƒ ‰ ‡ ƒ  ƒ – ‹ ‹ – › —•‹‡•• ††”‡•• ‘ –”‡‡– ‹–› ‘™ ”‘˜‹…‡ ‘–ƒ…– ‡”•‘ ‘’ƒ› ‡Ž‡’Š‘‡ —„‡” –Š ”‹†ƒ›‘–Š ƒ› ‘” ›’‡ ‘–Š ƒ› ƒŽ‡†ƒ” ‡ƒ” —ƒŽ ‡‡–‹‰ ‡…‘†ƒ”› ‹…‡•‡ ›’‡
  3. 3. ˆ ’’Ž‹…ƒ„Ž‡ ‡’– ‡“—‹”‹‰ –Š‹• ‘… ‡†‡† ”–‹…Ž‡• —„‡” ‡…–‹‘ ‘–ƒŽ ‘—– ‘ˆ ‘””‘™‹‰• Š’ „‹ŽŽ‹‘‘–ƒŽ ‘ ‘ˆ –‘…Š‘Ž†‡”• ‘‡•–‹… ‘”‡‹‰ ‘ „‡ ƒ……‘’Ž‹•Š‡† „› ‡”•‘‡Ž …‘…‡”‡† ‹Ž‡ —„‡” ‘…—‡–
  4. 4. ƒ•Š‹‡” ‡ƒ”• Ž‡ƒ•‡ —•‡ ‹ ˆ‘” •…ƒ‹‰ ’—”’‘•‡•
  5. 5. —„‡” ‹Ž‡ —„‡”
  6. 6. ‘’ƒ› • —ŽŽ ƒ‡–Š Ž‘‘” ‡–”‡ ‡Žƒ ‘•ƒ –”‡‡– ‡‰ƒ•’‹ ‹ŽŽƒ‰‡ ƒƒ–‹ ‹–› ‘’ƒ› • ††”‡•• ‡Ž‡’Š‘‡ —„‡”• ‡…‡„‡” ‹•…ƒŽ ‡ƒ” †‹‰ ‘–Š †ƒ› —ƒ”–‡”Ž› ‡’‘”– ‘” ›’‡ ‡†‡– ‡Ž‡‰ƒ–‹‘
  7. 7. ˆ ƒ’’Ž‹…ƒ„Ž‡ ‘” –Š‡ “—ƒ”–‡” ‡†‡† —‡ ‡”‹‘† †‡† ƒ–‡ ‡…‘†ƒ”› ‹…‡•‡ ›’‡ ƒ† ‹Ž‡ —„‡”
  8. 8. ‘” –Š‡ “—ƒ”–‡”Ž› ’‡”‹‘† ‡†‡†
  9. 9. †‡–‹ˆ‹…ƒ–‹‘ —„‡”
  10. 10. ƒš
  11. 11. †‡–‹ˆ‹…ƒ–‹‘ ‘ šƒ…– ƒ‡ ‘ˆ ‹••—‡” ƒ• •’‡…‹ˆ‹‡† ‹ ‹–• …Šƒ”–‡”
  12. 12. ”‘˜‹…‡ ‘—–”› ‘” ‘–Š‡” Œ—”‹•†‹…–‹‘ ‘ˆ ‹…‘”’‘”ƒ–‹‘ ‘” ‘”‰ƒ‹œƒ–‹‘
  13. 13. †—•–”› Žƒ••‹ˆ‹…ƒ–‹‘ ‘†‡ •‡ Ž› ††”‡•• ‘ˆ ’”‹…‹’ƒŽ ‘ˆˆ‹…‡ ‘•–ƒŽ ‘†‡ –Š Ž‘‘” ‡–”‡ ‡Žƒ ‘•ƒ –”‡‡– ‡‰ƒ•’‹ ‹ŽŽƒ‰‡ ƒƒ–‹ ‹–›
  14. 14. ••—‡” • –‡Ž‡’Š‘‡ —„‡” ‹…Ž—†‹‰ ƒ”‡ƒ …‘†‡ ‘”‡” ƒ‡ ˆ‘”‡” ƒ††”‡•• ƒ† ˆ‘”‡” ˆ‹•…ƒŽ ›‡ƒ” ‹ˆ …Šƒ‰‡† •‹…‡ Žƒ•– ”‡’‘”– ‘– ’’Ž‹…ƒ„Ž‡ ‡…—”‹–‹‡• ”‡‰‹•–‡”‡† ’—”•—ƒ– –‘ ‡…–‹‘• ƒ† ‘ˆ –Š‡ ‘” ‡… ƒ† ‘ˆ –Š‡ ‹–Ž‡ ‘ˆ ƒ…Š Žƒ•• —„‡” ‘ˆ Šƒ”‡• ‘ˆ ‘‘ –‘… —–•–ƒ†‹‰ ƒ† ‘—– ‘ˆ ‡„– —–•–ƒ†‹‰ ‘‘ –‘… Šƒ”‡• ‘‰ –‡” ‡„– Š’ ”‡ ƒ› ‘” ƒŽŽ ‘ˆ –Š‡•‡ •‡…—”‹–‹‡• Ž‹•–‡† ‘ ƒ –‘… š…Šƒ‰‡ ‡• ‘
  15. 15. ˆ ›‡• •–ƒ–‡ –Š‡ ƒ‡ ‘ˆ •—…Š •–‘… ‡š…Šƒ‰‡ ƒ† –Š‡ …Žƒ••‡• ‘ˆ •‡…—”‹–‹‡• Ž‹•–‡† –Š‡”‡‹
  16. 16. ‘‘ –‘… Š‡… ™Š‡–Š‡” –Š‡ ‹••—‡” ƒ Šƒ• ˆ‹Ž‡† ƒŽŽ ”‡’‘”–• ”‡“—‹”‡† –‘ „‡ ˆ‹Ž‡† „› ‡…–‹‘ ‘ˆ –Š‡ ƒ† —Ž‡ –Š‡”‡—†‡” ‘” ‡…–‹‘ ‘ˆ –Š‡ ƒ† —Ž‡ ƒ –Š‡”‡—†‡” ƒ† ‡…–‹‘• ƒ† ‘ˆ Š‡ ‘”’‘”ƒ–‹‘ ‘†‡ ‘ˆ –Š‡ Š‹Ž‹’’‹‡• †—”‹‰ –Š‡ ’”‡…‡†‹‰ –™‡Ž˜‡ ‘–Š• ‘” ˆ‘” •—…Š •Š‘”–‡” ’‡”‹‘† –Šƒ– –Š‡ ”‡‰‹•–”ƒ– ™ƒ• ”‡“—‹”‡† –‘ ˆ‹Ž‡ •—…Š ”‡’‘”–• ‡• ‘ „ Šƒ• „‡‡ •—„Œ‡…– –‘ •—…Š ˆ‹Ž‹‰ ”‡“—‹”‡‡–• ˆ‘” –Š‡ ’ƒ•– ‹‡–› †ƒ›• ‡• ‘
  17. 17. NICKEL ASIA CORPORATION 17-Q QUARTERLY REPORT JUNE 30, 2011
  18. 18. ƒ‰‡ ‘
  19. 19. –‡ ‹ƒ…‹ƒŽ –ƒ–‡‡–• —ƒ”› ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ
  20. 20. …‘‡ ˆ‘” –Š‡ –Š”‡‡ ‘–Š• ƒ† •‹š ‘–Š• ‡†‡† —‡ ƒ† —ƒ”› ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ ‹ƒ…‹ƒŽ ‘•‹–‹‘ ƒ• ƒ– —‡ ƒ† ‡…‡„‡” —ƒ”› ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ ƒ•Š Ž‘™• ˆ‘” –Š‡ –Š”‡‡ ‘–Š• ƒ† •‹š ‡†‡† —‡ ƒ†
  21. 21. –‡ ƒƒ‰‡‡– • ‹•…—••‹‘ ƒ† ƒŽ›•‹• ‘ˆ ‹ƒ…‹ƒŽ ‘†‹–‹‘ ƒ† ‡•—Ž–• ‘ˆ ’‡”ƒ–‹‘•
  22. 22. NICKEL ASIA CORPORATION —ƒ”–‡”Ž› ‡’‘”– —‡
  23. 23. –‡ ‹ƒ…‹ƒŽ –ƒ–‡‡–•Š‡ ƒ—†‹–‡†
  24. 24. –‡”‹ ‘•‘Ž‹†ƒ–‡† ‹ƒ…‹ƒŽ –ƒ–‡‡–• ƒ• ƒ– —‡ ƒ† ˆ‘” –Š‡ –Š”‡‡ ‘–Š ƒ†•‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ† ™‹–Š ‘’ƒ”ƒ–‹˜‡ —†‹–‡† ‹ƒ…‹ƒŽ –ƒ–‡‡– ‘ˆ ‹ƒ…‹ƒŽ ‘•‹–‹‘ ƒ• ƒ– ‡…‡„‡” ƒ”‡ Š‡”‡–‘ ƒ––ƒ…Š‡†Š‡ ˆ‘ŽŽ‘™‹‰ –ƒ„Ž‡ •‡–• ˆ‘”–Š –Š‡ •—ƒ”› ˆ‹ƒ…‹ƒŽ ‹ˆ‘”ƒ–‹‘ ˆ‘” –Š‡ –Š”‡‡ ‘–Š ’‡”‹‘† ƒ† •‹š‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ† ƒ† ƒ• ƒ– —‡ ƒ† ‡…‡„‡” ‹ –Š‘—•ƒ†’‡•‘• —ƒ”› ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ
  25. 25. …‘‡ ‘” –Š‡ Š”‡‡ ‘–Š• †‡† ‘” –Š‡ ‹š ‘–Š• †‡† —‡ —‡
  26. 26.  –Š‘—•ƒ† ’‡•‘•
  27. 27.  –Š‘—•ƒ† ’‡•‘•‡˜‡—‡• ‘•– ƒ† ‡š’‡•‡• ‹ƒ…‡ ‹…‘‡ ‹ƒ…‡ ‡š’‡•‡•–Š‡” ‹…‘‡ …Šƒ”‰‡• ‡–”‘˜‹•‹‘ ˆ‘” ‹…‘‡ –ƒš ‡–‡– ‹…‘‡‡– ‹…‘‡ ƒ––”‹„—–ƒ„Ž‡ –‘ “—‹–› Š‘Ž†‡”• ‘ˆ –Š‡ ’ƒ”‡– ‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•–• —ƒ”› ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ ‹ƒ…‹ƒŽ ‘•‹–‹‘ —‡ ‡…‡„‡”
  28. 28. …”‡ƒ•‡ ‡”…‡– ‡…”‡ƒ•‡
  29. 29. … ‡… ƒ—†‹–‡† —†‹–‡†
  30. 30.  Š‘—•ƒ† ‡•‘• —””‡– ƒ••‡–•‘…—””‡– ƒ••‡–•‘–ƒŽ ƒ••‡–• —””‡– Ž‹ƒ„‹Ž‹–‹‡•‘…—””‡– Ž‹ƒ„‹Ž‹–‹‡•‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•–• “—‹–› ƒ––”‹„—–ƒ„Ž‡ –‘ ‡“—‹–› Š‘Ž†‡”• ‘ˆ –Š‡ ƒ”‡–‘–ƒŽ Ž‹ƒ„‹Ž‹–‹‡• ƒ† ‡“—‹–› 1|Page
  31. 31. NICKEL ASIA CORPORATION —ƒ”–‡”Ž› ‡’‘”– —‡ —ƒ”› ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ ƒ•Š Ž‘™• ‘” –Š‡ Š”‡‡ ‘–Š• †‡† ‘” –Š‡ ‹š ‘–Š• †‡† —‡ —‡
  32. 32.  Š‘—•ƒ† ‡•‘•
  33. 33.  Š‘—•ƒ† ‡•‘•‡– …ƒ•Š ˆŽ‘™• —•‡† ‹ ’‡”ƒ–‹‰ ƒ…–‹˜‹–‹‡•
  34. 34. ˜‡•–‹‰ ƒ…–‹˜‹–‹‡• ‹ƒ…‹‰ ƒ…–‹˜‹–‹‡•‡– ‹…”‡ƒ•‡ †‡…”‡ƒ•‡ ‹ …ƒ•Š ƒ† …ƒ•Š ‡“—‹˜ƒŽ‡–• ƒ•Š ƒ† …ƒ•Š ‡“—‹˜ƒŽ‡–• „‡‰‹‹‰ ƒ•Š ƒ† …ƒ•Š ‡“—‹˜ƒŽ‡–• ‡†
  35. 35. –‡ ƒƒ‰‡‡– • ‹•…—••‹‘ ƒ† ƒŽ›•‹• ˆ ‹ƒ…‹ƒŽ ‘†‹–‹‘ ƒ† ‡•—Ž–• ˆ’‡”ƒ–‹‘•Š‡ ˆ‘ŽŽ‘™‹‰ †‹•…—••‹‘ ƒ† ƒƒŽ›•‹• ‹• „ƒ•‡† ‘ –Š‡ —ƒ—†‹–‡† ‹–‡”‹ …‘•‘Ž‹†ƒ–‡† ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–• ˆ‘” –Š‡ •‹š ‘–Š ‡†‡† —‡ ƒ† —‡ ’”‡’ƒ”‡† ‹ …‘ˆ‘”‹–›™‹–Š
  36. 36. –‡”‹ ‹ƒ…‹ƒŽ ‡’‘”–‹‰ ƒ† ‹…Ž—†‡† Š‡”‡‹ ƒ† •Š‘—Ž† „‡ ”‡ƒ† ‹ ‘Œ—…–‹‘ ™‹–Š –Š‘•‡ —ƒ—†‹–‡† ‹–‡”‹ …‘•‘Ž‹†ƒ–‡† ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–•‡•—Ž–• ‘ˆ ‘’‡”ƒ–‹‘•Š‡ ˆ‘ŽŽ‘™‹‰ †‹•…—••‹‘ ƒ† ƒƒŽ›•‹• ‹• „ƒ•‡† ‘ –Š‡ —ƒ—†‹–‡† ‹–‡”‹ …‘•‘Ž‹†ƒ–‡† ˆ‹ƒ…‹ƒŽ•–ƒ–‡‡–• ˆ‘” –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ† —‡ ’”‡’ƒ”‡† ‹ …‘ˆ‘”‹–›™‹–Š
  37. 37. –‡”‹ ‹ƒ…‹ƒŽ ‡’‘”–‹‰ ƒ† ‹…Ž—†‡† Š‡”‡‹ ƒ† •Š‘—Ž† „‡ ”‡ƒ† ‹ ‘Œ—…–‹‘ ™‹–Š –Š‘•‡ —ƒ—†‹–‡† ‹–‡”‹ …‘•‘Ž‹†ƒ–‡† ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–•‹š ‘–Š• ‡†‡† —‡ …‘’ƒ”‡† ™‹–Š •‹š ‘–Š• ‡†‡† —‡‡˜‡—‡•—” –‘–ƒŽ ”‡˜‡—‡• ™‡”‡ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ• …‘’ƒ”‡†–‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘”ƒŽ‡ ‘ˆ ‘”‡‡ •‘Ž† ƒ ƒ‰‰”‡‰ƒ–‡ ‹ŽŽ‹‘ ‘ˆ ‹…‡Ž ‘”‡ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ•…‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‘ˆ ‹…‡Ž ‘”‡ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ —” •ƒŽ‡• ˆ‘”–Š‡ ˆ‹”•– •‹š ‘–Š• ‘ˆ –Š‹• ›‡ƒ” ‹…Ž—†‡† –Š‘—•ƒ† ‘ˆ •ƒ’”‘Ž‹–‡ ‘”‡ –‘ ƒ’ƒ ƒ† Š‹ƒ –Š‘—•ƒ† ‘ˆ Ž‹‘‹–‡ ‘”‡ –‘ Š‹ƒ ƒ† –Š‘—•ƒ† ‘ˆ Ž‹‘‹–‡‘”‡ –‘ ‘”ƒŽ ƒ› ‹…‡Ž ‘”’‘”ƒ–‹‘ …‘’ƒ”‡† –‘ •ƒŽ‡• ‘ˆ –Š‘—•ƒ† –Š‘—•ƒ† ƒ† –Š‘—•ƒ† ”‡•’‡…–‹˜‡Ž› ˆ‘” –Š‡ •ƒ‡ ’‡”‹‘† Žƒ•–›‡ƒ” 2|Page
  38. 38. NICKEL ASIA CORPORATION —ƒ”–‡”Ž› ‡’‘”– —‡—” ”‡˜‡—‡ ˆ”‘ •ƒŽ‡ ‘ˆ ‹…‡Ž ‘”‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” Š‡ ‹…”‡ƒ•‡ ‹ ”‡˜‡—‡ ™ƒ• †—‡ „‘–Š –‘ ƒ Š‹‰Š‡” ˜‘Ž—‡ ‘ˆ ‹…‡Ž ‘”‡•‘Ž† ƒ† Š‹‰Š‡” ‘”‡ ’”‹…‡• Š‡ ”‡ƒŽ‹œ‡† ‹…‡Ž ’”‹…‡ ƒ’’Ž‹…ƒ„Ž‡ –‘ ‹ŽŽ‹‘ ‘ˆ ‘”‡•Š‹’’‡† ‹ –Š‡ ˆ‹”•– ŠƒŽˆ ™ƒ• ƒ– ƒ ƒ˜‡”ƒ‰‡ ‘ˆ ’‡” ’‘—† ‘ˆ ’ƒ›ƒ„Ž‡ ‹…‡Ž ƒ• ƒ‰ƒ‹•–’‡” ’‘—† ‘ˆ ’ƒ›ƒ„Ž‡ ‹…‡Ž ”‡ƒŽ‹œ‡† †—”‹‰ –Š‡ •ƒ‡ ’‡”‹‘† Žƒ•– ›‡ƒ” Š‡ „ƒŽƒ…‡ ‘ˆ –Š‡•Š‹’‡–• ˆ‘” –Š‡ ˆ‹”•– ŠƒŽˆ ™ƒ• •‘Ž† ‘ –Š‡ „ƒ•‹• ‘ˆ ‡‰‘–‹ƒ–‡† ’”‹…‡• ’‡” ‘ˆ ‘”‡ ™Š‹…Šƒ˜‡”ƒ‰‡† ’‡” ‘ˆ ‘”‡ …‘’ƒ”‡† –‘ ’‡” ˆ‘” –Š‡ •ƒ‡ ’‡”‹‘† Žƒ•– ›‡ƒ”Š‡ ‹…”‡ƒ•‡† †‡ƒ† ˆ‘” ‹…‡Ž ‘”‡ ƒ• ™‡ŽŽ ƒ• Š‹‰Š‡” ’”‹…‡• ˆ‘” ‘—” ˜ƒ”‹‘—• –›’‡• ‘ˆ ‘”‡ ™ƒ•Žƒ”‰‡Ž› †—‡ –‘ ƒ ‹’”‘˜‡‡– ‹ †‡ƒ† ˆ‘” ‹…‡Ž ‘”‡ ’ƒ”–‹…—Žƒ”Ž› ˆ”‘ Š‹ƒ‡ ‘™ ‘ˆ ™Š‹…Š ‘™• ƒ† ‘’‡”ƒ–‡• –Š‡ ‹‘ —„ƒ ‹‹‰ ‘’‡”ƒ–‹‘• • ”‡˜‡—‡ˆ”‘ •ƒŽ‡ ‘ˆ ‹…‡Ž ‘”‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ• …‘’ƒ”‡†–‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” •‘Ž† ƒ ƒ‰‰”‡‰ƒ–‡ –Š‘—•ƒ† ‘ˆ ‹…‡Ž ‘”‡ ‹ –Š‡ ˆ‹”•– •‹š ‘–Š• ‘ˆ –Š‹•›‡ƒ” ƒ• …‘’ƒ”‡† –‘ ƒ ƒ‰‰”‡‰ƒ–‡ –Š‘—•ƒ† ‘ˆ ‹…‡Ž ‘”‡ •‘Ž† ‹ –Š‡ •ƒ‡ ’‡”‹‘†Žƒ•– ›‡ƒ” Š‡ ˜‘Ž—‡ ‘ˆ •ƒ’”‘Ž‹–‡ ‘”‡ •‘Ž† –‘ ƒ’ƒ ƒ† Š‹ƒ ‹…”‡ƒ•‡† „› –Š‘—•ƒ† ‘” ƒ† –Š‡ ˜‘Ž—‡ ‘ˆ Ž‹‘‹–‡ ‘”‡ •‘Ž† –‘ ‹…”‡ƒ•‡† „› –Š‘—•ƒ† ‘” • ”‡˜‡—‡ ˆ”‘ •ƒŽ‡ ‘ˆ Ž‹‡•–‘‡ ‘”‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†—‡ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •ƒ‡ ’‡”‹‘† Žƒ•– ›‡ƒ” ƒ †‡…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” Š‡ †‡…”‡ƒ•‡ ‹ ”‡˜‡—‡ ™ƒ• †—‡ –‘ ƒ †”‘’ ‹ Ž‹‡•–‘‡ ‘”‡†‡Ž‹˜‡”‹‡• –‘ ‘” ˆ”‘ –Š‘—•ƒ† †—”‹‰ –Š‡ ˆ‹”•– ŠƒŽˆ ‘ˆ –‘ –Š‘—•ƒ† ˆ‘” –Š‡ •ƒ‡ ’‡”‹‘† –Š‹• ›‡ƒ” š…‡••‹˜‡ ”ƒ‹ˆƒŽŽ ƒ– –Š‡ ‹‡ •‹–‡ ‹ –Š‡ ˆ‹”•– ŠƒŽˆ ‘ˆ –Š‡ ›‡ƒ”Šƒ• ƒ†‡ ‹– †‹ˆˆ‹…—Ž– ˆ‘” –‘ ’”‘…‡•• –Š‡ Ž‹‡•–‘‡ ˆ”‘ ‘—” “—ƒ””›‡ ‘™ ‘ˆ ™Š‹…Š ‘™• ƒ† ‘’‡”ƒ–‡• –Š‡ ƒ‰ƒ‹–‘ ‹‹‰ ‘’‡”ƒ–‹‘• • ”‡˜‡—‡ˆ”‘ •ƒŽ‡ ‘ˆ ‘”‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” •‘Ž† ƒ ƒ‰‰”‡‰ƒ–‡ –Š‘—•ƒ† ‘ˆ ‹…‡Ž ‘”‡ ‹ –Š‡ ˆ‹”•– •‹š ‘–Š• ‘ˆ –Š‹• ›‡ƒ” ƒ•…‘’ƒ”‡† –‘ ƒ ƒ‰‰”‡‰ƒ–‡ –Š‘—•ƒ† ‘ˆ ‹…‡Ž ‘”‡ ‹ –Š‡ •ƒ‡ ’‡”‹‘† Žƒ•– ›‡ƒ” Š‡†‡…”‡ƒ•‡ ‹• †—‡ Žƒ”‰‡Ž› –‘ –Š‡ †”‘’ ‹ ˜‘Ž—‡ ‘ˆ •ƒ’”‘Ž‹–‡ ‘”‡ •‘Ž† –‘ ƒ’ƒ ƒ† Š‹ƒ ™Š‹…Š ˆ‡ŽŽ„› –Š‘—•ƒ† ‘” ”‘†—…–‹‘ ƒ† •Š‹’‡–• ™‡”‡ ƒˆˆ‡…–‡† „› †‹•”—’–‹‘•„”‘—‰Š– ƒ„‘—– „› –Š‡ Š‡ƒ˜‹‡” –Šƒ ‘”ƒŽ ˜‘Ž—‡ ‘ˆ ”ƒ‹ˆƒŽŽ ‹ ‘”–Š‡ƒ•–‡” ‹†ƒƒ‘ ™Š‡”‡–Š‡ ƒ‰ƒ‹–‘ ‹‡ ‹• Ž‘…ƒ–‡†
  39. 39.  ƒ††‹–‹‘ Šƒ† ƒ ‘‡ ‘ˆˆ •ƒŽ‡ ‘ˆ –Š‘—•ƒ† ‘ˆŽ‹‘‹–‡ ‘”‡ –‘ ‹ –Š‡ ˆ‹”•– ŠƒŽˆ ‘ˆ Š‡ ’—”’‘•‡ ‘ˆ –Š‡ ‘‡ ‘ˆˆ •ƒŽ‡ ™ƒ• –‘ ƒŽŽ‘™ –‘ –‡•– ‹–• ‘”‡ ƒ– –Š‡ • ˆƒ…‹Ž‹–› ‹ …‘‡…–‹‘ ™‹–Š –Š‡ ’Žƒ‡† …‘•–”—…–‹‘ ‘ˆ –Š‡ƒ‰ƒ‹–‘ ˆƒ…‹Ž‹–› ƒŽ•‘ •‘Ž† –Š‘—•ƒ† ‘ˆ Ž‹‘‹–‡ ‘”‡ –‘ Š‹‡•‡…—•–‘‡”• ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ™Š‡”‡ƒ• ‘ •ƒŽ‡• ™‡”‡ ƒ†‡ –‘ Š‹‡•‡…—•–‘‡”• ‹ –Š‡ …‘’ƒ”ƒ„Ž‡ ’‡”‹‘† Žƒ•– ›‡ƒ”‡ ‘™ ‘ˆ ™Š‹…Š ‘™• ƒ† ‘’‡”ƒ–‡• –Š‡ ƒ‰†‹ƒƒ‘ ‹‹‰ ‘’‡”ƒ–‹‘• •”‡˜‡—‡ ˆ”‘ •ƒŽ‡ ‘ˆ ‘”‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ• …‘’ƒ”‡†–‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ †‡…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” •‘Ž† ƒ ƒ‰‰”‡‰ƒ–‡ –Š‘—•ƒ† ‘ˆ ‹…‡Ž ‘”‡ ‹ –Š‡ ˆ‹”•– •‹š ‘–Š• ‘ˆ –Š‹• ›‡ƒ” ƒ•…‘’ƒ”‡† –‘ ƒ ƒ‰‰”‡‰ƒ–‡ –Š‘—•ƒ† ‘ˆ ‹…‡Ž ‘”‡ ‹ –Š‡ •ƒ‡ ’‡”‹‘† Žƒ•– ›‡ƒ” 3|Page
  40. 40. NICKEL ASIA CORPORATION —ƒ”–‡”Ž› ‡’‘”– —‡‹‹Žƒ” –‘ ’”‘†—…–‹‘ ƒ† •Š‹’‡–• ƒ– ‹‡ •‹–‡ ™Š‹…Š ‹• ƒŽ•‘ Ž‘…ƒ–‡† ‹‘”–Š‡ƒ•–‡” ‹†ƒƒ‘ ™‡”‡ ƒˆˆ‡…–‡† „› †‹•”—’–‹‘• „”‘—‰Š– ƒ„‘—– „› –Š‡ Š‡ƒ˜‹‡” –Šƒ ‘”ƒŽ˜‘Ž—‡ ‘ˆ ”ƒ‹ˆƒŽŽ Š‡ •Š‹’‡–• ‘ˆ †—”‹‰ –Š‡ ˆ‹”•– ŠƒŽˆ ‘ˆ ™‡”‡ ƒŽŽ •ƒ’”‘Ž‹–‡ ‘”‡ •‘Ž†–‘ Š‹ƒ
  41. 41.  …‘–”ƒ•– •Š‹’’‡† –Š‘—•ƒ† ‘ˆ •ƒ’”‘Ž‹–‡ ‘”‡ –‘ ƒ’ƒ ƒ† Š‹ƒ ƒ† –Š‘—•ƒ† ‘ˆ Ž‹‘‹–‡ ‘”‡ –‘ Š‹‡•‡ …—•–‘‡”• †—”‹‰ –Š‡ •ƒ‡ ’‡”‹‘† Žƒ•– ›‡ƒ”‡ ‘™ ‘ˆ ™Š‹…Š ‘™• ƒ† ‘’‡”ƒ–‡• –Š‡ ƒ‰ƒƒƒ ‹‹‰ ‘’‡”ƒ–‹‘• •”‡˜‡—‡ ˆ”‘ •ƒŽ‡ ‘ˆ ‘”‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ• …‘’ƒ”‡†–‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” ‡•’‹–‡ ’”‘†—…–‹‘ ƒ† •Š‹’‡– †‹•”—’–‹‘• „”‘—‰Š– ƒ„‘—– „› Š‡ƒ˜‹‡” –Šƒ ‘”ƒŽ ”ƒ‹ˆƒŽŽ ƒƒ‰‡† –‘ •‡ŽŽ ƒ ƒ‰‰”‡‰ƒ–‡ –Š‘—•ƒ† ‘ˆ Ž‹‘‹–‡ ‘”‡ –‘ Š‹‡•‡ …—•–‘‡”• ‹–Š‡ ˆ‹”•– •‹š ‘–Š• ‘ˆ –Š‹• ›‡ƒ” ƒ• …‘’ƒ”‡† –‘ –Š‘—•ƒ† ‘ˆ ‘•–Ž› Ž‹‘‹–‡ ‘”‡ ‹–Š‡ •ƒ‡ ’‡”‹‘† Žƒ•– ›‡ƒ” ‹‹Žƒ” –‘ ƒ† –Š‡ ‹‡ •‹–‡ ‹• Ž‹‡™‹•‡ Ž‘…ƒ–‡† ‹‘”–Š‡ƒ•–‡” ‹†ƒƒ‘‡”˜‹…‡• ƒ† –Š‡”•—” ”‡˜‡—‡ ˆ”‘ •‡”˜‹…‡• ƒ† ‘–Š‡”• ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†—‡ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” ‡”˜‹…‡• ”‡˜‡—‡ Žƒ”‰‡Ž› …‘•‹•–• ‘ˆ ’ƒ›‡–• ƒ†‡ –‘ —• ‹…‘•‹†‡”ƒ–‹‘ ˆ‘” Šƒ—Ž‹‰ ƒ’‘™‡” ƒ† ‘–Š‡” ƒ…‹ŽŽƒ”› •‡”˜‹…‡• –Šƒ– ’”‘˜‹†‡• –‘ ‘•–• ƒ† š’‡•‡•—” …‘•–• ƒ† ‡š’‡•‡• ƒ‘—–‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ•…‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” ‘•– ‘ˆ ƒŽ‡•—” …‘•– ‘ˆ •ƒŽ‡• ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” Š‡‹…”‡ƒ•‡ ‹ …‘•– ‘ˆ •ƒŽ‡• ™ƒ• †—‡ –‘ ‘”‡ •Š‹’‡–• ƒ†‡ –‘ ‘—” Š‹‡•‡ …—•–‘‡”• ‹ –Š‡ ˆ‹”•–•‹š ‘–Š• ‘ˆ –Š‡ ›‡ƒ” ’‡…‹ˆ‹…ƒŽŽ› ™‡ •Š‹’’‡† ƒ ƒ‰‰”‡‰ƒ–‡ ‹ŽŽ‹‘ ‘ˆ ‹…‡Ž ‘”‡ –‘–Š‡•‡ …—•–‘‡”• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‘ˆ ‹…‡Ž ‘”‡ Žƒ•– ›‡ƒ” Š‹Ž‡ ‘—” •Š‹’‡–˜‘Ž—‡ ‹…”‡ƒ•‡† „› ‘—” …‘•– ‘ˆ •ƒŽ‡• †‹† ‘– ‹…”‡ƒ•‡ ’”‘’‘”–‹‘ƒ–‡Ž› „‡…ƒ—•‡ ‘ˆ ƒ †”‘’ ‹…‘–”ƒ…–‘”• ˆ‡‡ „› ‹ŽŽ‹‘ ƒ• –Š‡”‡ ™ƒ• Ž‡•• †‡’‡†‡…‡ ‘ ‘—–•‹†‡ •‡”˜‹…‡• „‡…ƒ—•‡ ‘ˆŽ‹‹–‡† ‹‹‰ ƒ…–‹˜‹–› †—‡ –‘ Š‡ƒ˜› ”ƒ‹• ƒ† †‡’”‡…‹ƒ–‹‘ „› ‹ŽŽ‹‘ Š‡•‡ †‡…”‡ƒ•‡•™‡”‡ ‘ˆˆ•‡– „› ƒ ‹ŽŽ‹‘ ‹…”‡ƒ•‡ ‹ ’”‘†—…–‹‘ ‘˜‡”Š‡ƒ† ƒ• ƒ ”‡•—Ž– ‘ˆ –Š‡ ‹…”‡ƒ•‡ ‹•Š‹’‡– ˜‘Ž—‡ ‘•– ‘ˆ ‡”˜‹…‡• ‘•– ‘ˆ •‡”˜‹…‡• ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” ‘•–•‘ˆ •‡”˜‹…‡• Žƒ”‰‡Ž› …‘•‹•– ‘ˆ –Š‡ …‘•– ‘ˆ ’”‘˜‹†‹‰ Šƒ—Ž‹‰ ƒ’‘™‡” ƒ† ‘–Š‡” ƒ…‹ŽŽƒ”›•‡”˜‹…‡• „› –‘ Š‹’’‹‰ ƒ† ‘ƒ†‹‰ ‘•–•Š‹’’‹‰ ƒ† Ž‘ƒ†‹‰ …‘•–• ™‡”‡ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ•…‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” Š‡ ˆƒ•–‡” ‹…”‡ƒ•‡ ‹ •Š‹’’‹‰ ƒ† Ž‘ƒ†‹‰ …‘•–• ‹ ”‡Žƒ–‹‘ –‘ –Š‡‹…”‡ƒ•‡ ‹ ‘—” •Š‹’‡– ˜‘Ž—‡• ‹• †—‡ ’”‹ƒ”‹Ž› –‘ Š‹‰Š‡” …‘–”ƒ…– ˆ‡‡• ˆ”‘ ‹ŽŽ‹‘ 4|Page
  42. 42. NICKEL ASIA CORPORATION —ƒ”–‡”Ž› ‡’‘”– —‡‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡Š‡ ‘’ƒ› …‘–”ƒ…–‡† ‘”‡ Žƒ† …”ƒˆ– –”ƒ•’‘”– …Šƒ”–‡”• –‘ •—’’‘”– —’ –‘ –™‘ ‹ŽŽ‹‘ ‘ˆ •Š‹’‡–• ˆ”‘ ‘—” ƒ‰ƒƒƒ ‹‡ ‘™‡˜‡” Š‡ƒ˜› ”ƒ‹• ƒ† •–”‘‰ ‘…‡ƒ •™‡ŽŽƒˆˆ‡…–‡† ‹‡ ’”‘†—…–‹‘ ƒ† ƒ• ƒ ”‡•—Ž– ‘Ž› ‘‡ ‹ŽŽ‹‘ ™ƒ• •Š‹’’‡† ˆ”‘ ‘—” ƒ‰ƒƒƒ‹‡ †—”‹‰ –Š‡ ˆ‹”•– ŠƒŽˆ ‘ˆ –Š‡ …—””‡– ›‡ƒ” Š‡ ”‹•‡ ‹ ˆ—‡Ž ‘‹Ž ƒ† Ž—„”‹…ƒ– …‘•–• ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ ƒ† ’‡”•‘‡Ž …‘•–• ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ ƒŽ•‘…‘–”‹„—–‡† –‘ –Š‡ ‹…”‡ƒ•‡ ‹ •Š‹’’‹‰ ƒ† Ž‘ƒ†‹‰ …‘•–•‡‡”ƒŽ ƒ† †‹‹•–”ƒ–‹˜‡‡‡”ƒŽ ƒ† ƒ†‹‹•–”ƒ–‹˜‡ ‡š’‡•‡• ™‡”‡ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†—‡ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” Š‡ ‹…”‡ƒ•‡ …ƒ „‡ ƒ––”‹„—–ƒ„Ž‡ –‘ ƒ —„‡” ‘ˆ ˆƒ…–‘”•’”‹ƒ”‹Ž› –Š‡ ”‹•‡ ‹ ’‡”•‘‡Ž …‘•– ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ †—‡ –‘ ‡™ ƒ†ƒ††‹–‹‘ƒŽ ’‡”•‘‡Ž Š‹”‡• ˆ‘” ‘—” ‡™ •—„•‹†‹ƒ”‹‡• ƒ‡Ž› ƒ ‘•–ƒ Š‹’’‹‰ ƒ† ‹‰Š–‡”ƒ‰‡ ‘’ƒ› ƒƒ” ‹…‡Ž ‹‹‰ ‡•‘—”…‡• ‘”’ ƒ† ‘†‹ŽŽ‡”ƒ š’Ž‘”ƒ–‹‘ ‘
  43. 43. … ƒ•™‡ŽŽ ƒ• …‘’‡•ƒ–‹‘ ‡š’‡•‡• ”‡Žƒ–‡† –‘ ‘—” ’Ž‘›‡‡• –‘… ’–‹‘ Žƒ ƒ† –Š‡ ‹…”‡ƒ•‡ ‹†‡’”‡…‹ƒ–‹‘ ‡š’‡•‡ ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ ™Š‹…Š ‹• Žƒ”‰‡Ž› †—‡ –‘ –Š‡ ƒ…“—‹•‹–‹‘‘ˆ ƒ •‡…‘† Šƒ† ƒ‹”…”ƒˆ– ƒ† –Š‡ …‘•–”—…–‹‘ ‘ˆ ƒ ‡™ ’‹‡” ˆƒ…‹Ž‹–› ƒ– ‘—” ƒ‰ƒ‹–‘ ‹‡ š…‹•‡ ƒš‡• ƒ† ‘›ƒŽ–‹‡•—” ‡š…‹•‡ –ƒš‡• ƒ† ”‘›ƒŽ–‹‡• ™‡”‡ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ•…‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” Š‡ ‹…”‡ƒ•‡ ‹ ‡š…‹•‡ –ƒš‡• ƒ† ”‘›ƒŽ–‹‡• ™ƒ• ƒ ”‡•—Ž– ‘ˆ ‘—” ‹…”‡ƒ•‡†•ƒŽ‡• ”‡˜‡—‡ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ‹ƒ…‡
  44. 44. …‘‡—” ˆ‹ƒ…‡ ‹…‘‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” —”ˆ‹ƒ…‡ ‹…‘‡ ’”‹ƒ”‹Ž› …‘•‹•–• ‘ˆ ‹–‡”‡•– ‹…‘‡ ‘ ‘—” …ƒ•Š „ƒŽƒ…‡• ƒ† ‘–Š‡”‹˜‡•–‡–• ‹ƒ…‡ š’‡•‡—” ˆ‹ƒ…‡ ‡š’‡•‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ †‡…Ž‹‡ ‘ˆ ‹ŽŽ‹‘ ‘” Š‡†‡…Ž‹‡ ™ƒ• –Š‡ ”‡•—Ž– ‘ˆ ‘ Ž‘••‡• ‹…—””‡† ‹ ”‡Žƒ–‡† –‘ †‡”‹˜ƒ–‹˜‡ –”ƒ•ƒ…–‹‘• ƒ† •ƒŽ‡ ‘ˆ ˆ‹ƒ…‹ƒŽ ƒ••‡–• …‘’ƒ”‡† –‘ Ž‘••‡• ‘ˆ ‹ŽŽ‹‘ ƒ† ‹ŽŽ‹‘ ”‡•’‡…–‹˜‡Ž› ™Š‹…Š™‡”‡ ”‡…‘‰‹œ‡† ‹ —” ˆ‹ƒ…‡ ‡š’‡•‡• ‹ …‘•‹•– ƒ‹Ž› ‘ˆ ‹–‡”‡•– ‡š’‡•‡”‡Žƒ–‡† –‘ ‘—” Ž‘‰ –‡” †‡„– ™Š‹…Š ‹…”‡ƒ•‡† ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ †—‡ –‘ ƒƒ††‹–‹‘ƒŽ ƒ˜ƒ‹Ž‡– ‘ˆ Ž‘‰ –‡” †‡„– –‘ ˆ‹ƒ…‡ –Š‡ …‘•–”—…–‹‘ ‘ˆ –Š‡ ƒ‰ƒ‹–‘ ’‹‡” ˆƒ…‹Ž‹–›–Š‡”
  45. 45. …‘‡ Šƒ”‰‡•—” ‘–Š‡” ‹…‘‡ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ™ƒ• ‹ŽŽ‹‘ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ —” ‘–Š‡” ‹…‘‡ ‹ –Š‡ ˆ‹”•– •‹š ‘–Š•‘ˆ –Š‡ …—””‡– ›‡ƒ” …‘•‹•–• ’”‹ƒ”‹Ž› ‘ˆ ƒ †‹˜‹†‡† ‹…‘‡ ‘ˆ ‹ –Š‡ ƒ‘—– ‘ˆ ‹ŽŽ‹‘ ƒ ‹ŽŽ‹‘ ‰ƒ‹ ‘ –Š‡ ’—”…Šƒ•‡ ‘ˆ •Šƒ”‡ ‹ ƒ …‘’ƒ› ™Š‹…Š‘™• ƒ† …Šƒ”–‡”• • ƒ† ƒ —•ƒ‰‡ ˆ‡‡ ‘ˆ ‹ŽŽ‹‘ ™Š‹…Š …‘ŽŽ‡…–‡† ˆ”‘ ƒ‰ƒ‹–‘ ‹…‡Ž ‘”’‘”ƒ–‹‘ ˆ‘” –Š‡ —•‡ ‘ˆ ‹–• ™Šƒ”ˆ ˆƒ…‹Ž‹–‹‡• —” ‘–Š‡” ‹…‘‡ ‹™ƒ• ’ƒ”–‹ƒŽŽ› ‘ˆˆ•‡– „› †‡—””ƒ‰‡ …Šƒ”‰‡• ‘ˆ ‹ŽŽ‹‘ †—‡ –‘ —ˆƒ˜‘”ƒ„Ž‡ ™‡ƒ–Š‡” 5|Page
  46. 46. NICKEL ASIA CORPORATION —ƒ”–‡”Ž› ‡’‘”– —‡…‘†‹–‹‘• ™Š‹…Š ƒˆˆ‡…–‡† •Š‹’ Ž‘ƒ†‹‰ ƒ…–‹˜‹–‹‡• ƒ– ‘—” ƒ‰ƒ‹–‘ ƒ‰ƒƒƒ ƒ† ƒ‰†‹ƒƒ‘ ‹‡•ƒ ‡– ˆ‘”‡‹‰ ‡š…Šƒ‰‡ Ž‘•• ‘ˆ ‹ŽŽ‹‘ †—‡ –‘ –Š‡ ƒ’’”‡…‹ƒ–‹‘ ‘ˆ –Š‡ ’‡•‘ ”‡Žƒ–‹˜‡ –‘ –Š‡ †‘ŽŽƒ” ƒ† ƒ ‹ŽŽ‹‘ Ž‘•• ”‡Žƒ–‡† –‘ ‘—” •Šƒ”‡ ‹ –Š‡ ’”‡ ‘’‡”ƒ–‹‰ Ž‘•• —”‘–Š‡” ‹…‘‡ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ’”‹ƒ”‹Ž› …‘•‹•–‡† ‘ˆ ƒ ‹ŽŽ‹‘†‹˜‹†‡† ‹…‘‡ ˆ”‘ ƒ ‹ŽŽ‹‘ ”‡…‘˜‡”› ‘ˆ ƒŽŽ‘™ƒ…‡ ˆ‘” ‹˜‡–‘”› Ž‘••‡• ƒ ‹ŽŽ‹‘ ‘ˆ ‘–Š‡” •‡”˜‹…‡• ’”‘˜‹†‡† „› –‘ ƒ† ƒ ‡– ˆ‘”‡‹‰ ‡š…Šƒ‰‡ ‰ƒ‹ ‘ˆ ‹ŽŽ‹‘”‘˜‹•‹‘ ˆ‘” ‡‡ˆ‹– ˆ”‘
  47. 47. …‘‡ ƒš”‘˜‹•‹‘ ˆ‘” ‹…‘‡ –ƒš ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ•…‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” —””‡–—” …—””‡– ’”‘˜‹•‹‘ ˆ‘” ‹…‘‡ –ƒš ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ™ƒ• ‹ŽŽ‹‘ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” Š‡ ‹…”‡ƒ•‡ ™ƒ• ’”‹ƒ”‹Ž› †—‡ –‘ –Š‡ ‹…”‡ƒ•‡ ‹ ‘—” ‹…‘‡ ‹ –Š‡ •‹š‘–Š• ‡†‡† —‡ ‡ˆ‡””‡†—” †‡ˆ‡””‡† „‡‡ˆ‹– ˆ”‘ ‹…‘‡ –ƒš ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ™ƒ• ‹ŽŽ‹‘ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” Š‡ ‹…”‡ƒ•‡ ™ƒ• ’”‹ƒ”‹Ž› †—‡ –‘ ƒ ‡– —”‡ƒŽ‹œ‡† ˆ‘”‡‹‰ ‡š…Šƒ‰‡ Ž‘••‡• ‹–Š‡ •‹š ‘–Š• ‡†‡† —‡ …‘’ƒ”‡† –‘ ƒ ‡– ˆ‘”‡‹‰ ‡š…Šƒ‰‡ ‰ƒ‹ ‹‡– ‹…‘‡ • ƒ ”‡•—Ž– ‘ˆ –Š‡ ˆ‘”‡‰‘‹‰ ‘—” ‡– ‹…‘‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†—‡ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ‡– ‘ˆ‹‘”‹–› ‹–‡”‡•–• ‘—” ‡– ‹…‘‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡…‘’ƒ”‡† –‘ ƒ ‡– ‹…‘‡ ‘ˆ ‹ŽŽ‹‘ †—”‹‰ –Š‡ •ƒ‡ ’‡”‹‘† Žƒ•– ›‡ƒ”–Š‡” ‘’”‡Š‡•‹˜‡
  48. 48. …‘‡ ‘••Šƒ”‡ ‹ ”ƒ•Žƒ–‹‘ †Œ—•–‡– ‘ˆ ƒ ••‘…‹ƒ–‡—” •Šƒ”‡ ‹ –”ƒ•Žƒ–‹‘ ƒ†Œ—•–‡– ‘ˆ ƒ ƒ••‘…‹ƒ–‡ ™ƒ• ƒ Ž‘•• ‘ˆ ‹ŽŽ‹‘ ƒ• ‘ˆ—‡ ™Š‹…Š ‹• ”‡Žƒ–‡† –‘ ‘—” ‹˜‡•–‡– ‹ ‡– ƒŽ—ƒ–‹‘ ƒ‹ ‘•• ‘ ‹˜‡•–‡–• ‡ Šƒ† ƒ ‡– ˜ƒŽ—ƒ–‹‘ Ž‘•• ‘ ‹˜‡•–‡–•‘ˆ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ• …‘’ƒ”‡† –‘ ƒ ‡– ˜ƒŽ—ƒ–‹‘ Ž‘•• ‘
  49. 49. ˜‡•–‡–• ‘ˆ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ••‡– ‡˜ƒŽ—ƒ–‹‘ —”’Ž—•—” ƒ••‡– ”‡˜ƒŽ—ƒ–‹‘ •—”’Ž—• ™ƒ• ‹ŽŽ‹‘ ‹ „‘–Š –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ†‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡‘–ƒŽ –Š‡” ‘’”‡Š‡•‹˜‡
  50. 50. …‘‡ ‘•• ‡– ‘ˆ ƒš—” –‘–ƒŽ ‘–Š‡” …‘’”‡Š‡•‹˜‡ Ž‘•• ‡– ‘ˆ –ƒš ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ• …‘’ƒ”‡† –‘ –‘–ƒŽ ‘–Š‡” …‘’”‡Š‡•‹˜‡ Ž‘•• ‡– ‘ˆ –ƒš ‘ˆ ‹ŽŽ‹‘ ‹ –Š‡ •‹š‘–Š• ‡†‡† —‡ –Š‡ †‹ˆˆ‡”‡…‡ „‡‹‰ ƒ‹Ž› ƒ––”‹„—–ƒ„Ž‡ –‘ ‘—” •Šƒ”‡ ‹–”ƒ•Žƒ–‹‘ ƒ†Œ—•–‡– ‘ˆ ƒ ƒ••‘…‹ƒ–‡ ƒ† ƒ •Ž‹‰Š–Ž› Š‹‰Š‡” ‡– ƒ ˜ƒŽ—ƒ–‹‘ Ž‘•• ‘ ‹˜‡•–‡–• ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ 6|Page
  51. 51. NICKEL ASIA CORPORATION —ƒ”–‡”Ž› ‡’‘”– —‡‘–ƒŽ ‘’”‡Š‡•‹˜‡
  52. 52. …‘‡ ‘•• ‡– ‘ˆ ƒš • ƒ ”‡•—Ž– ‘ˆ –Š‡ ˆ‘”‡‰‘‹‰ ‘—” –‘–ƒŽ …‘’”‡Š‡•‹˜‡ ‹…‘‡ ‡– ‘ˆ –ƒš ™ƒ• ‹ŽŽ‹‘‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡†—‡ ‡– ‘ˆ ‹‘”‹–› ‹–‡”‡•– ‘—” –‘–ƒŽ …‘’”‡Š‡•‹˜‡ ‹…‘‡ ‡– ‘ˆ –ƒš ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡•‹š ‘–Š• ‡†‡† —‡Š”‡‡ ‘–Š• ‡†‡† —‡ …‘’ƒ”‡† ™‹–Š –Š”‡‡ ‘–Š• ‡†‡† —‡
  53. 53.  –Š‡ •‡…‘† “—ƒ”–‡” ‘ˆ ‘—” –‘–ƒŽ ”‡˜‡—‡• ™‡”‡ ‹ŽŽ‹‘ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •ƒ‡ “—ƒ”–‡” ‘ˆ –Š‡ ’”‡˜‹‘—• ›‡ƒ” ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” —” ”‡˜‡—‡ ˆ”‘ –Š‡ •ƒŽ‡ ‘ˆ ‹…‡Ž ‘”‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ –Š”‡‡ ‘–Š• ‡†‡†—‡ Š‹‰Š‡” –Šƒ ‹ŽŽ‹‘ ”‡’‘”–‡† ‹ –Š‡ –Š”‡‡ ‘–Š• ‡†‡†—‡ Š‡ •–”‘‰‡” ”‡˜‡—‡ ™ƒ• –Š‡ ”‡•—Ž– ‘ˆ ƒ ‹…”‡ƒ•‡ ‹ ˜‘Ž—‡ ‘ˆ •Š‹’‡–• ƒ•™‡ŽŽ ƒ• Š‹‰Š‡” ’”‹…‡• ˆ‘” ‘—” ˜ƒ”‹‘—• –›’‡• ‘ˆ ‘”‡ ‡ •‘Ž† ƒ ƒ‰‰”‡‰ƒ–‡ ‹ŽŽ‹‘ ‘ˆ‹…‡Ž ‘”‡ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ †—”‹‰ –Š‡ •ƒ‡ …‘˜‡”‡† ’‡”‹‘† Š‡ ”‡ƒŽ‹œ‡† ‹…‡Ž ’”‹…‡‹ –Š‡ •‡…‘† “—ƒ”–‡” ‘ˆ ™ƒ• ’‡” ’‘—† ‘ˆ ’ƒ›ƒ„Ž‡ ‹…‡Ž ƒ• ƒ‰ƒ‹•– ‹ –Š‡•ƒ‡ ’‡”‹‘† ‘ˆ –Š‡ ’”‡˜‹‘—• ›‡ƒ” ‘” •Š‹’‡–• •‘Ž† ‘ –Š‡ „ƒ•‹• ‘ˆ ‡‰‘–‹ƒ–‡† ’”‹…‡• ’‡” ‘ˆ ‘”‡ –Š‡ ƒ˜‡”ƒ‰‡ ™ƒ• ‹ –Š‡ –Š”‡‡ ‘–Š• ‡†‡† —‡ …‘’ƒ”‡† –‘ ˆ‘”–Š‡ •ƒ‡ ’‡”‹‘† Žƒ•– ›‡ƒ”—” –‘–ƒŽ ‘’‡”ƒ–‹‰ …‘•– ƒ† ‡š’‡•‡• ‹ –Š‡ •‡…‘† “—ƒ”–‡” ‘ˆ ƒ‘—–‡† –‘ ‹ŽŽ‹‘ …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‡…‘† “—ƒ”–‡” ‘ˆ ƒ ‹…”‡ƒ•‡ ‘ˆ ‹ŽŽ‹‘ ‘” Š‡ Š‹‰Š‡” …‘•– ƒ† ‡š’‡•‡• ‹• –Š‡ ”‡•—Ž– ‘ˆ ‘”‡ ‹…‡Ž ‘”‡ •Š‹’’‡†ƒ† †‡Ž‹˜‡”‡† ‹‘–ƒŽ ˆ‹ƒ…‡ ‹…‘‡ ˆ‹ƒ…‡ ‡š’‡•‡• ƒ† ‘–Š‡” ‹…‘‡ ™‡”‡ ‹ŽŽ‹‘ ‹ –Š‡ –Š”‡‡‘–Š• ‡†‡† —‡ …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •ƒ‡ ’‡”‹‘† ‘ˆ Š‡•‡ƒ‹Ž› …‘•‹•– ‘ˆ †‹˜‹†‡† ‹…‘‡ ‘ˆ ‘ˆ ™Š‹…Š ‹ŽŽ‹‘ ™ƒ• ”‡…‡‹˜‡† ˆ”‘ ‰ƒ‹ ‘ „ƒ”‰ƒ‹ ’—”…Šƒ•‡ ‘ˆ • ‘ˆ ‹ŽŽ‹‘ ‹–‡”‡•– ‹…‘‡ ‘ˆ ‹ŽŽ‹‘ ƒ† —•ƒ‰‡ˆ‡‡ ‘ˆ ‹ŽŽ‹‘ Š‹• ™ƒ• ’ƒ”–‹ƒŽŽ› ‘ˆˆ•‡– ƒ‹Ž› „› †‡—””ƒ‰‡ …Šƒ”‰‡• ‘ˆ ‹ŽŽ‹‘‘–ƒŽ ‘–Š‡” ‹…‘‡ ‹ ™ƒ• Žƒ”‰‡Ž› ”‡ƒŽ‹œ‡† ƒ† —”‡ƒŽ‹œ‡† ˆ‘”‡‹‰ ‡š…Šƒ‰‡ ‰ƒ‹ ‘ˆ ‹ŽŽ‹‘ †‹˜‹†‡† ‹…‘‡ ‘ˆ ‹ŽŽ‹‘ ‘ˆ ™Š‹…Š ™ƒ• ”‡…‡‹˜‡† ˆ”‘ ‹–‡”‡•– ‹…‘‡ ‘ˆ ‹ŽŽ‹‘ ƒ† ‘–Š‡” •‡”˜‹…‡• ’”‘˜‹†‡† „› –‘ ‘ˆ ‹ŽŽ‹‘Š‡•‡ ™‡”‡ ’ƒ”–‹ƒŽŽ› ‘ˆˆ•‡– „› †‡”‹˜ƒ–‹˜‡ Ž‘••‡• ‘ˆ ‹ŽŽ‹‘ ƒ† Ž‘•• ‘ •ƒŽ‡ ‘ˆ ‹˜‡•–‡–• ‘ˆ ‹ŽŽ‹‘ • ƒ ”‡•—Ž– ‘ˆ –Š‡ ˆ‘”‡‰‘‹‰ ‘—” ‡– ‹…‘‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ –Š”‡‡ ‘–Š• ‡†‡†—‡ ƒ• …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ –Š”‡‡ ‘–Š• ‡†‡† —‡ ‡– ‘ˆ‹‘”‹–› ‹–‡”‡•–• ‘—” ‡– ‹…‘‡ ™ƒ• ‹ŽŽ‹‘ ‹ –Š‡ –Š”‡‡ ‘–Š• ‡†‡† —‡…‘’ƒ”‡† –‘ ƒ ‡– ‹…‘‡ ‘ˆ ‹ŽŽ‹‘ †—”‹‰ –Š‡ •ƒ‡ ’‡”‹‘† Žƒ•– ›‡ƒ” 7|Page
  54. 54. NICKEL ASIA CORPORATION —ƒ”–‡”Ž› ‡’‘”– —‡–ƒ–‡‡– ‘ˆ ‹ƒ…‹ƒŽ ‘•‹–‹‘
  55. 55.  –Š‡ •‹š ‘–Š• ‡†‡† —‡ ‘–ƒŽ ••‡–• ‹…”‡ƒ•‡† –‘ ‹ŽŽ‹‘ ˆ”‘ ‹ŽŽ‹‘ ƒ• ƒ– ‡† ‘ˆ —””‡– ••‡–• ‹…”‡ƒ•‡† –‘ ‹ŽŽ‹‘ ˆ”‘ ‹ŽŽ‹‘ ‹ –Š‡ •ƒ‡ •‹š ‘–Š ’‡”‹‘† †—‡ –‘ –Š‡ ‹…”‡ƒ•‡• ƒ‹Ž› ‹ …ƒ•Š ƒ† …ƒ•Š‡“—‹˜ƒŽ‡– ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ –”ƒ†‡ ƒ† ‘–Š‡” ”‡…‡‹˜ƒ„Ž‡• ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ ƒ† ƒ˜ƒ‹Žƒ„Ž‡ ˆ‘” •ƒŽ‡ ˆ‹ƒ…‹ƒŽ ƒ••‡–• ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ ‘–ƒŽ ‘ …—””‡– ƒ••‡–• ‹…”‡ƒ•‡† ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ †—”‹‰ –Š‡ •ƒ‡ …‘’ƒ”ƒ–‹˜‡ ’‡”‹‘†• Žƒ”‰‡Ž› †—‡ –‘ –Š‡ ‹…”‡ƒ•‡ ‹ ’”‘’‡”–›ƒ† ‡“—‹’‡– ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ Š‹• ‹…”‡ƒ•‡ ™ƒ• ‘ˆˆ•‡– „› –Š‡†‡…”‡ƒ•‡ ‹ ‘–Š‡” ‘ …—””‡– ƒ••‡–• ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘‘–ƒŽ …—””‡– Ž‹ƒ„‹Ž‹–‹‡• ‹…”‡ƒ•‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š• ‡†‡† —‡ ˆ”‘ ‹ŽŽ‹‘ ƒ• ƒ– ‡† †—‡ –‘ ‹…”‡ƒ•‡• ‹ –”ƒ†‡ ƒ† ‘–Š‡” ’ƒ›ƒ„Ž‡• ˆ”‘ ‹ŽŽ‹‘–‘ ‹ŽŽ‹‘ …—””‡– ’‘”–‹‘ ‘ˆ Ž‘‰ –‡” †‡„– ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ ƒ†‹…‘‡ –ƒš ’ƒ›ƒ„Ž‡ ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘  –Š‡ ‘–Š‡” Šƒ† –‘–ƒŽ ‘ …—””‡–Ž‹ƒ„‹Ž‹–‹‡• Ž‹‡™‹•‡ ‹…”‡ƒ•‡† ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ ‹ –Š‡ •ƒ‡ •‹š ‘–Š’‡”‹‘† †—‡ Žƒ”‰‡Ž› –‘ –Š‡ ”‹•‡ ‹ Ž‘‰ –‡” †‡„– ‡– ‘ˆ …—””‡– ’‘”–‹‘ ˆ”‘ ‹ŽŽ‹‘ –‘ ‹ŽŽ‹‘ “—‹–› ‡– ‘ˆ …‘–”‘ŽŽ‹‰ ‹–‡”‡•–• ‹…”‡ƒ•‡† –‘ ‹ŽŽ‹‘ †—”‹‰ –Š‡ •‹š ‘–Š• ‡†‡†—‡ ˆ”‘ ‹ŽŽ‹‘ ƒ• ƒ– ›‡ƒ” ‡†‡† †—‡ –‘ ‡– ‡ƒ”‹‰• ‹ –Š‡ ˆ‹”•– •‹š‘–Š• ‘ˆ–ƒ–‡‡– ‘ˆ ƒ•Š Ž‘™•Š‡ ‡– …ƒ•Š ˆŽ‘™• ˆ”‘ ‘’‡”ƒ–‹‰ ƒ…–‹˜‹–‹‡• ƒ‘—–‡† –‘ ‹ŽŽ‹‘ ‹ –Š‡ •‹š ‘–Š•‡†‡† —‡ …‘’ƒ”‡† –‘ ‹ŽŽ‹‘ †—”‹‰ –Š‡ •ƒ‡ ’‡”‹‘† ‹ ƒ• ’”‘…‡‡†•ˆ”‘ –Š‡ •ƒŽ‡ ‘ˆ ‘”‡ •—„•–ƒ–‹ƒŽŽ› ‹…”‡ƒ•‡† ‹ …‘’ƒ”‡† –‘ …‘—’Ž‡† ™‹–Š †‹˜‹†‡†•”‡…‡‹˜‡† ‘ˆ ‹ŽŽ‹‘ ‡– …ƒ•Š —•‡† ‹ ‹˜‡•–‡– ƒ…–‹˜‹–‹‡• ƒ‘—–‡† –‘ ‹ŽŽ‹‘†—‡ –‘ …ƒ’‹–ƒŽ ‡š’‡†‹–—”‡• ‘ˆ ‹ŽŽ‹‘ ƒ† ‡– ‹˜‡•–‡–• ‘ˆ ‹ŽŽ‹‘
  56. 56.  –Š‡ˆ‹”•– •‹š ‘–Š• ‘ˆ –Š‡ ‡– …ƒ•Š ˆŽ‘™• ˆ”‘ ‹˜‡•–‹‰ ƒ…–‹˜‹–‹‡• ƒ‘—–‡† –‘ ‹ŽŽ‹‘™Š‹…Š ™ƒ• Žƒ”‰‡Ž› –Š‡ ”‡•—Ž– ‘ˆ ‡– •ƒŽ‡ ‘ˆ ‹˜‡•–‡–• ‘ˆ ‹ŽŽ‹‘ ƒ† •ƒŽ‡ ‘ˆ ˆ‹ƒ…‹ƒŽƒ••‡–• ƒ– ‘ˆ ‹ŽŽ‹‘ ‡– …ƒ•Š —•‡† ‹ ˆ‹ƒ…‹‰ ƒ…–‹˜‹–‹‡• ‹ –Š‡ •‹š ‘–Š• ‡†‡†—‡ ƒ‘—–‡† –‘ ‹ŽŽ‹‘ ‘•–Ž› ˆ‘” –Š‡ ’ƒ›‡– ‘ˆ †‹˜‹†‡†• ƒ‘—–‹‰ –‘ ‹ŽŽ‹‘
  57. 57.  –Š‡ •‹š ‘–Š• ‡†‡† —‡ ‡– …ƒ•Š —•‡† ‹ ˆ‹ƒ…‹‰ ƒ…–‹˜‹–›ƒ‘—–‡† –‘ ‹ŽŽ‹‘ ’”‹ƒ”‹Ž› †—‡ –‘ –Š‡ ’ƒ›‡– ‘ˆ …ƒ•Š †‹˜‹†‡†• ‹ –Š‡ ƒ‘—– ‘ˆ ‹ŽŽ‹‘ • ƒ– —‡ ƒ† …ƒ•Š ƒ† …ƒ•Š ‡“—‹˜ƒŽ‡–• ƒ‘—–‡† –‘ ‹ŽŽ‹‘ ƒ† ‹ŽŽ‹‘ ”‡•’‡…–‹˜‡Ž› 8|Page
  58. 58. NICKEL ASIA CORPORATION —ƒ”–‡”Ž› ‡’‘”– —‡‘’ ‹˜‡ ‡› ‡”ˆ‘”ƒ…‡
  59. 59. †‹…ƒ–‘”• ”‹…‡‡ –›’‹…ƒŽŽ› •‡ŽŽ Š‹‰Š ƒ† Ž‘™ ‰”ƒ†‡ •ƒ’”‘Ž‹–‡ ‘”‡ –‘ —†‡” Ž‘‰ –‡” ƒ‰”‡‡‡–• ƒ†™‡ ƒ”‡ –Š‡ ‡š…Ž—•‹˜‡ •—’’Ž‹‡” ‘ˆ Ž‹‘‹–‡ ‘”‡ ƒŽ•‘ —†‡” ƒ Ž‘‰ –‡” ƒ‰”‡‡‡– –‘ –Š‡ ‘”ƒŽ ƒ› ˆƒ…‹Ž‹–› Š‡ ’”‹…‡ ‘ˆ ‹…‡Ž ‘”‡ •‘Ž† –‘ ƒ…‹ˆ‹… ‡–ƒŽ• ‘ –† ƒ† –Š‡ ‘”ƒŽ ƒ› ˆƒ…‹Ž‹–› ‹• †‡–‡”‹‡† „ƒ•‡† ‘ ƒ ’ƒ›ƒ„Ž‡ ’‡”…‡–ƒ‰‡ ‘ˆ –Š‡ ‹…‡Ž …‘–ƒ‹‡† ‹ –Š‡ ‘”‡—Ž–‹’Ž‹‡† „› ƒ˜‡”ƒ‰‡ ‹…‡Ž ’”‹…‡• ‘˜‡” •’‡…‹ˆ‹‡† “—‘–ƒ–‹‘ƒŽ ’‡”‹‘†• Š‡ ’ƒ›ƒ„Ž‡’‡”…‡–ƒ‰‡ ‘ˆ –Š‡ ‹…‡Ž …‘–ƒ‹‡† ‹ –Š‡ ‘”‡ ‹• …‘””‡Žƒ–‡† ‹ ƒ ‘ Ž‹‡ƒ” ƒ‡” ™‹–Š ‹…‡Ž ’”‹…‡• ™‹–Š Š‹‰Š‡” ’”‹…‡• ”‡•—Ž–‹‰ ‹ ƒ Š‹‰Š‡” ’ƒ›ƒ„Ž‡ ’‡”…‡–ƒ‰‡ ‘ˆ ‹…‡Ž ƒ† ˜‹…‡˜‡”•ƒ ……‘”†‹‰Ž› Š‹‰Š‡” ‹…‡Ž ’”‹…‡• ”‡•—Ž–• „‘–Š ‹ ƒ Š‹‰Š‡” ’‡”…‡–ƒ‰‡ ‘ˆ ’ƒ›ƒ„Ž‡‹…‡Ž ‹ ‘—” ‘”‡ –‘ –Š‡•‡ …—•–‘‡”• ƒ• ™‡ŽŽ ƒ• ‹ Š‹‰Š‡” ’”‹…‡• ƒ† …ƒ –Š‡”‡ˆ‘”‡ Šƒ˜‡ ƒ•—„•–ƒ–‹ƒŽ ‡ˆˆ‡…– ‘ ‘—” ‘˜‡”ƒŽŽ ”‡˜‡—‡ ‹…‡Ž ’”‹…‡• ƒ† †‡ƒ† ˆ‘” ‹…‡Ž –›’‹…ƒŽŽ› ‹…”‡ƒ•‡†—”‹‰ ’‡”‹‘†• ‘ˆ Š‹‰Š ‰Ž‘„ƒŽ †‡ƒ† ˆ‘” •–ƒ‹Ž‡•• •–‡‡Ž‹…‡Ž ’”‹…‡• Šƒ˜‡ Š‹•–‘”‹…ƒŽŽ› ‡šŠ‹„‹–‡† …‘•‹†‡”ƒ„Ž‡ ˜‘Žƒ–‹Ž‹–› ‹…‡Ž ’”‹…‡• …Ž‹„‡† ˆ”‘ ƒ•Ž‘™ ƒ• ’‡” ’‘—† ‹ ƒ”…Š –‘ ƒ Š‹‰Š ‘ˆ ’‡” ’‘—† ‹ ‡„”—ƒ”› Š‡‹…‡Ž ’”‹…‡ ™ƒ• ’‡” ’‘—† ƒ– –Š‡ ‡† ‘ˆ —‡ Š‡ ƒ˜‡”ƒ‰‡ ‹…‡Ž ’”‹…‡• ’‡” ’‘—† ‹ ƒ† ™‡”‡ ƒ† ”‡•’‡…–‹˜‡Ž› Š‡ ƒ˜‡”ƒ‰‡ ‹…‡Ž ’”‹…‡• ’‡” ’‘—† ˆ‘” –Š‡ •– ŠƒŽˆ ‘ˆ ‹• ’‡”’‘—† …‘’ƒ”‡† –‘ ’‡” ’‘—† ‹ –Š‡ •ƒ‡ ’‡”‹‘† Žƒ•– ›‡ƒ”Š‡ •‡•‹–‹˜‹–› ‘ˆ ‘—” ”‡˜‡—‡• –‘ ‹…‡Ž ’”‹…‡• ‹• ‘– …‘’Ž‡–‡Ž› Ž‹‡ƒ” „‡…ƒ—•‡ ‹ ‘—”‡š’‡”‹‡…‡ ™Š‡ ‹…‡Ž ’”‹…‡• ”‡ƒ…Š …‡”–ƒ‹ Ž‡˜‡Ž• –Š‡ †‡ƒ† ˆ‘” ‘—” Ž‹‘‹–‡ ‘”‡ ‹…”‡ƒ•‡• • ƒ ”‡•—Ž– ‘ˆ –Š‹• ‡ˆˆ‡…– ˜‡”› Š‹‰Š ‹…‡Ž ’”‹…‡• Šƒ˜‡ ‹ –Š‡ ’ƒ•– ”‡•—Ž–‡† ‹ ‹…”‡ƒ•‡† ˜‘Ž—‡•‘ˆ ‹…‡Ž ‘”‡ •‘Ž† ƒ• ™‡ŽŽ ƒ• ‹…”‡ƒ•‡† ’”‹…‡• ˆ‘” ‘—” ”‡…—””‹‰ •ƒŽ‡• ‘ˆ •ƒ’”‘Ž‹–‡ ‘”‡ –‘ ƒ† Ž‹‘‹–‡ ‘”‡ –‘ –Š‡ ‘”ƒŽ ƒ› ˆƒ…‹Ž‹–› —†‡” Ž‘‰ –‡” …‘–”ƒ…–•
  60. 60. …”‡ƒ•‡• ƒ††‡…”‡ƒ•‡• ‹ –Š‡ ‹…‡Ž ’”‹…‡ ™‹ŽŽ Šƒ˜‡ ƒ „”‘ƒ†Ž› ’”‘’‘”–‹‘ƒŽ ‡ˆˆ‡…– ‘ ‘—” ”‡˜‡—‡• ˆ”‘–Š‡•‡ •ƒŽ‡•‘Ž—‡Š‡ ˜‘Ž—‡ ‘ˆ •ƒ’”‘Ž‹–‡ ‘”‡ –Šƒ– ™‡ •‡ŽŽ Žƒ”‰‡Ž› †‡’‡†• ‘ –Š‡ ‰”ƒ†‡ ‘ˆ •ƒ’”‘Ž‹–‡ ‘”‡ –Šƒ– ™‡‹‡ Š‡ ˜‘Ž—‡ ‘ˆ Ž‹‘‹–‡ ‘”‡ –Šƒ– ™‡ •‡ŽŽ –‘ ‘—” …—•–‘‡”• ‹ Š‹ƒ Žƒ”‰‡Ž› †‡’‡†• ‘ –Š‡†‡ƒ† ˆ‘”
  61. 61. ‹ Š‹ƒ —” •ƒŽ‡• ‘ˆ Š‹‰Š ‰”ƒ†‡ •ƒ’”‘Ž‹–‡ ‘”‡ ƒ”‡ –›’‹…ƒŽŽ› ƒ†‡ –‘ ™Š‘ ’—”…Šƒ•‡• ƒŽŽ ‘ˆ –Š‡ Š‹‰Š ‰”ƒ†‡ •ƒ’”‘Ž‹–‡ ‘”‡ –Šƒ– ™‡ ƒ”‡ ƒ„Ž‡ –‘ ‡š–”ƒ…– ƒ† •Š‹’ ƒ– ƒ›‰‹˜‡ –‹‡ ‹–Š ”‡•’‡…– –‘ ‘—” Ž‘™ ‰”ƒ†‡ •ƒ’”‘Ž‹–‡ ƒ† Ž‹‘‹–‡ ‘”‡ ‹ ’‡”‹‘†• ™Š‡ ™‡ ƒ”‡ƒ„Ž‡ –‘ ‡š–”ƒ…– ‘”‡ ‘”‡ –Šƒ ™‡ ƒ”‡ ƒ„Ž‡ –‘ •Š‹’ ™‡ ‰‡‡”ƒŽŽ› …‘–‹—‡ ‘—” ‹‹‰ ‘’‡”ƒ–‹‘•ƒ† •–‘…’‹Ž‡ •—…Š ‘”‡ ˆ‘” •ƒŽ‡ ™Š‡ †‡ƒ† ‹’”‘˜‡• ‘” ™Š‡ ’”‹…‡• ”‹•‡ –‘ ‘”‡ ƒ––”ƒ…–‹˜‡Ž‡˜‡Ž• • •–ƒ–‡† ƒ„‘˜‡ –Š‡ ˜‘Ž—‡ ‘ˆ ‘—” Ž‘™ ‰”ƒ†‡ •ƒ’”‘Ž‹–‡ ‘”‡ ƒ† Ž‹‘‹–‡ ‘”‡ •ƒŽ‡• –‘ ‘—” Š‹‡•‡ …—•–‘‡”• ‹• ”‘—‰ŠŽ› …‘””‡Žƒ–‡† ™‹–Š –Š‡ ‹…‡Ž ’”‹…‡ ™‹–Š ˜‘Ž—‡ ‹…”‡ƒ•‹‰ ƒ•‹…‡Ž ’”‹…‡• ”‹•‡
  62. 62.  ƒ††‹–‹‘ –‘ •ƒŽ‡• ‘ˆ ‹…‡Ž ‘”‡ –‘ ƒ† ‘—” …—•–‘‡”• ‹ Š‹ƒ ™‡ •‡ŽŽŽ‹‘‹–‡ ‘”‡ ˆ”‘ ‘—” ‹‘ —„ƒ ‹‡ –‘ –Š‡ ‘”ƒŽ ƒ› ˆƒ…‹Ž‹–› ‹ ™Š‹…Š ™‡ Šƒ˜‡ ƒ ‹‘”‹–›‹–‡”‡•– ’—”…Šƒ•‡• ƒ ƒ‘—– ‘ˆ Ž‹‘‹–‡ ‘”‡ ˆ”‘ —• •—ˆˆ‹…‹‡– –‘ ‡‡– ‹–• ‘”‡”‡“—‹”‡‡–• • ƒ ‹‡†‹ƒ–‡ •‘Ž—–‹‘ ‘”ƒŽ ƒ› •–ƒ”–‡† …‘•–”—…–‹‘ ‘ˆ ƒ ‡™ ™ƒ–‡””‡•‡”˜‘‹” –‘ ‹…”‡ƒ•‡ –Š‡ …ƒ’ƒ…‹–› ‘ˆ ‡š‹•–‹‰ ™ƒ–‡” ”‡•‡”˜‘‹”•
  63. 63.  ‡…‡„‡” ‘”ƒŽ ƒ› ™ƒ• ƒ„Ž‡ –‘ ’”‘†—…‡ –‘‡• ‘ˆ …‘–ƒ‹‡† ‹…‡Ž ’”‘˜‹‰ –Šƒ– –Š‡ ’Žƒ– ‹• …ƒ’ƒ„Ž‡ ‘ˆƒ…Š‹‡˜‹‰ ‹–• –ƒ”‰‡– ’”‘†—…–‹‘ …ƒ’ƒ…‹–› ‘ˆ ‹…‡Ž –‘‡• ‹ˆ …‹”…—•–ƒ…‡• ƒŽŽ‘™ 9|Page
  64. 64. NICKEL ASIA CORPORATION —ƒ”–‡”Ž› ‡’‘”– —‡Š‡ ›’‡ “† ”ƒ†‡ ‘ˆ ”‡ –Šƒ– ™‡ ‹‡‡ ”‡ƒŽ‹œ‡ Š‹‰Š‡” •ƒŽ‡• ’”‹…‡• ˆ‘” ‘—” •ƒ’”‘Ž‹–‡ ‘”‡ –Šƒ ˆ‘” ‘—” Ž‹‘‹–‡ ‘”‡ ……‘”†‹‰Ž› –Š‡–›’‡ ƒ† ‰”ƒ†‡ ™Š‹…Š ‹• ƒ ˆƒ…–‘” ‘ˆ ‹…‡Ž …‘–‡– ‘ˆ –Š‡ ‘”‡ –Šƒ– ™‡ ‹‡ ƒˆˆ‡…–• ‘—” ”‡˜‡—‡•ˆ”‘ ›‡ƒ” –‘ ›‡ƒ” Š‡ “—ƒ–‹–› ‘ˆ •ƒ’”‘Ž‹–‡ ‘”‡ –Šƒ– ™‡ ‹‡ ƒ—ƒŽŽ› †‡’‡†• ‘ –Š‡ …—•–‘‡”†‡ƒ† ƒ† –Š‡ ƒ˜ƒ‹Žƒ„‹Ž‹–› ‘ˆ •—…Š ‘”‡ ƒ– ‘—” ‹‡ •‹–‡• Š‡ ‹š „‡–™‡‡ Š‹‰Š ƒ† Ž‘™ ‰”ƒ†‡•ƒ’”‘Ž‹–‡ ‘”‡ ƒ– ‘—” ‹‡ •‹–‡• …‘—’Ž‡† ™‹–Š ‘—” Ž‘‰ –‡” ‹‹‰ ’Žƒ †‡–‡”‹‡• –Š‡“—ƒ–‹–‹‡• ‘ˆ ‡ƒ…Š –Šƒ– ™‡ ‡š–”ƒ…– ‘ ƒ ƒ—ƒŽ „ƒ•‹• Š‡ “—ƒ–‹–› ‘ˆ Ž‹‘‹–‡ ‘”‡ –Šƒ– ™‡ ‹‡‘ ƒ ƒ—ƒŽ „ƒ•‹• †‡’‡†• ‘ –Š‡ ƒ‘—– ‘ˆ •—…Š ‘”‡ –Šƒ– ‡‡†• –‘ „‡ ”‡‘˜‡† ‹ ‘”†‡” –‘‡š–”ƒ…– –Š‡ •ƒ’”‘Ž‹–‡ ‘”‡ ƒ• ™‡ŽŽ ƒ• ƒ”‡– †‡ƒ†‹‡ ‹–‡ ƒ•Š ‘•– ’‡” ‘Ž—‡ ‘Ž†Š‡ ‹‡ •‹–‡ …ƒ•Š …‘•– ’‡” ˜‘Ž—‡ ‘ˆ ‘”‡ •‘Ž† ’”‘˜‹†‡• ƒ …‘•– ’”‘ˆ‹Ž‡ ˆ‘” ‡ƒ…Š ‘’‡”ƒ–‹‰ ‹‡ƒ† ƒŽŽ‘™• —• –‘ ‡ƒ•—”‡ ƒ† …‘’ƒ”‡ ‘’‡”ƒ–‹‰ ’‡”ˆ‘”ƒ…‡ ƒ• ™‡ŽŽ ƒ• …Šƒ‰‡• ‹ ’‡” —‹–…‘•–• ˆ”‘ ›‡ƒ” –‘ ›‡ƒ”Š‡ ‹‡ •‹–‡ …ƒ•Š …‘•– ‹…Ž—†‡• ’”‘†—…–‹‘ ƒ† ƒ”‡–‹‰ ‡š’‡•‡• ‹…—””‡† „› –Š‡ ‘’ƒ›‹ ‹‹‰ Šƒ†Ž‹‰ ƒ† „ƒ”‰‹‰ ‘”‡ –‘ …—•–‘‡” • ˜‡••‡Ž• ƒ† ‡š…Ž—†‡• ‡š…‹•‡ –ƒš‡• ƒ†”‘›ƒŽ–‹‡•Š‡ ƒ˜‡”ƒ‰‡ ‹‡ •‹–‡ …ƒ•Š …‘•– ’‡” ˜‘Ž—‡ •‘Ž† ‹ ‹• ’‡” ‘ –Š‡ „ƒ•‹• ‘ˆƒ‰‰”‡‰ƒ–‡ …ƒ•Š …‘•–• ‘ˆ ‹ŽŽ‹‘ ƒ† ƒ –‘–ƒŽ •ƒŽ‡• ˜‘Ž—‡ ‘ˆ ‹ŽŽ‹‘ ‘ˆ ‘”‡ Š‹•…‘’ƒ”‡• –‘ ’‡” †—”‹‰ –Š‡ •ƒ‡ ’‡”‹‘† ‹ ‘ –Š‡ „ƒ•‹• ‘ˆ ƒ‰‰”‡‰ƒ–‡ …ƒ•Š…‘•–• ‘ˆ ‹ŽŽ‹‘ ƒ† ƒ –‘–ƒŽ •ƒŽ‡• ˜‘Ž—‡ ‘ˆ ‹ŽŽ‹‘ ‘ˆ ‘”‡‘ ƒ—‰‡– ‘—” ‘’‡”ƒ–‹‘• ‹ ‹ ‘”†‡” –‘ ‡‡– –Š‡ •—”‰‡ ‹ †‡ƒ† ˆ‘” ‘—” ‘”‡ –Š‡ ‘’ƒ› ‡‰ƒ‰‡† –Š‹”† ’ƒ”–› …‘–”ƒ…–‘”• –‘ ƒ••‹•– ‹ –Š‡ Šƒ—Ž‹‰ ƒ† Ž‘ƒ†‹‰ ‘ˆ ‘”‡ ›’‹…ƒŽŽ›–Š‡ —‹– …‘•– ƒ••‘…‹ƒ–‡† ™‹–Š –Š‡ —•‡ ‘ˆ ‘—–•‹†‡ •‡”˜‹…‡• ‹• Š‹‰Š‡” …‘’ƒ”‡† –‘ …‘•–• ‹…—””‡†™Š‡ ˜‘Ž—‡ Šƒ†Ž‹‰ ‹• †‘‡ „› –Š‡ ‘’ƒ› —””‡…› š…Šƒ‰‡ ƒ–‡•‡ ‡ƒ” •—„•–ƒ–‹ƒŽŽ› ƒŽŽ ‘ˆ ‘—” ”‡˜‡—‡• ‹ †‘ŽŽƒ”• ™Š‹Ž‡ ‘•– ‘ˆ ‘—” ‡š’‡•‡• ƒ”‡ ’ƒ‹† ‹’‡•‘• Š‡ ƒ’’”‡…‹ƒ–‹‘ ‘ˆ –Š‡ ’‡•‘ ƒ‰ƒ‹•– –Š‡ ‹–‡† –ƒ–‡• †‘ŽŽƒ” ”‡†—…‡• ‘—” ”‡˜‡—‡ ‹ ’‡•‘–‡”• ……‘”†‹‰Ž› ƒ’’”‡…‹ƒ–‹‘ ‘ˆ –Š‡ ’‡•‘ ƒ‰ƒ‹•– –Š‡ †‘ŽŽƒ” ‡ˆˆ‡…–‹˜‡Ž› ”‡†—…‡• ‘—””‡˜‡—‡ ™‹–Š‘—– ƒ …‘””‡•’‘†‹‰ ”‡†—…–‹‘ ‹ ‘—” ‡š’‡•‡• ƒ† …ƒ ”‡•—Ž– ‹ ƒ ”‡†—…–‹‘ ‹ ‘—”‡– ‹…‘‡
  65. 65.  ƒ††‹–‹‘ „‡…ƒ—•‡ ƒ ’‘”–‹‘ ‘ˆ ‘—” …ƒ•Š ƒ† …ƒ•Š ‡“—‹˜ƒŽ‡–• ƒ† ‘–Š‡” ’‘”–ˆ‘Ž‹‘‹˜‡•–‡–• ƒ”‡ †‡‘‹ƒ–‡† ‹ †‘ŽŽƒ”• –Š‡ ƒ’’”‡…‹ƒ–‹‘ ‘ˆ –Š‡ ’‡•‘ ƒ‰ƒ‹•– –Š‡ †‘ŽŽƒ””‡†—…‡• –Š‡ ˜ƒŽ—‡ ‘ˆ –Š‡•‡ ƒ••‡–• ‹ ’‡•‘ –‡”• ‹ ‘—” ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–• —” …—””‡– ’‘Ž‹…› ‹•‘– –‘ Š‡†‰‡ ‘—” ‡š’‘•—”‡ –‘ ˆ‘”‡‹‰ …—””‡…› ‡š…Šƒ‰‡ ”‹•Š‡ ‘’ƒ› • ƒ˜‡”ƒ‰‡ ”‡ƒŽ‹œ‡† ’‡•‘ –‘ †‘ŽŽƒ” ”ƒ–‡• ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡†—‡ ƒ† ƒ”‡ ƒ† ”‡•’‡…–‹˜‡Ž›‹“—‹†‹–› ƒ† ƒ’‹–ƒŽ ‡•‘—”…‡• • ƒ– —‡ ƒ† ‡…‡„‡” ‘—” ’”‹…‹’ƒŽ •‘—”…‡ ‘ˆ Ž‹“—‹†‹–› ™ƒ• …ƒ•Š ˆ”‘ ‘—”‘’‡”ƒ–‹‘• ‡ ‹…—””‡† Ž‘‰ –‡” †‡„– –‘ ˆ‹ƒ…‡ –Š‡ …‘•–”—…–‹‘ ‘ˆ ‘—” ‹‘ —„ƒ ’‹‡” ˆƒ…‹Ž‹–‹‡•ƒ† ™‡ ”‡…‡‹˜‡ ‹…‘‡ ˆ”‘ —†‡” ƒ –Š”‘—‰Š’—– ƒ‰”‡‡‡– ™Š‡”‡„› ƒ‘—–• ƒ”‡ ’ƒ›ƒ„Ž‡„› –‘ ˆ‘” —•‡ ‘ˆ –Š‡ ’‹‡” ˆƒ…‹Ž‹–‹‡• Š‡ Ž‘‰ –‡” †‡„– ‘ˆ ˆ‘” –Š‡ …‘•–”—…–‹‘ ‘ˆ–Š‡ ’‹‡” ˆƒ…‹Ž‹–‹‡• ‹ –Š‡ ƒ‰ƒ‹–‘ ’”‘’‡”–› ‹• ƒŽ•‘ …‘˜‡”‡† „› ƒ –Š”‘—‰Š’—– ƒ‰”‡‡‡– ™Š‡”‡„› 10 | P a g e
  66. 66. NICKEL ASIA CORPORATION —ƒ”–‡”Ž› ‡’‘”– —‡ƒ‘—–• ƒ”‡ ’ƒ›ƒ„Ž‡ „› –‘ ˆ‘” —•‡ ‘ˆ • ™Šƒ”ˆ ˆƒ…‹Ž‹–‹‡• Š‡ ’”‹…‹’ƒŽ „ƒŽƒ…‡ ‘ˆ‘—” Ž‘‰ –‡” †‡„– ™‹–Š ƒ‰ƒ‹–‘ ™‹ŽŽ „‡ ’ƒ›ƒ„Ž‡ •–ƒ”–‹‰ …–‘„‡” • ‘ˆ —‡ ƒ† ‡…‡„‡” ‘—” ™‘”‹‰ …ƒ’‹–ƒŽ †‡ˆ‹‡† ƒ• –Š‡ †‹ˆˆ‡”‡…‡„‡–™‡‡ ‘—” …—””‡– ƒ••‡–• ƒ† …—””‡– Ž‹ƒ„‹Ž‹–‹‡• ™ƒ• „‹ŽŽ‹‘ ƒ† „‹ŽŽ‹‘”‡•’‡…–‹˜‡Ž› ‡ ‡š’‡…– –‘ ‡‡– ‘—” ™‘”‹‰ …ƒ’‹–ƒŽ …ƒ’‹–ƒŽ ‡š’‡†‹–—”‡ ƒ† ‹˜‡•–‡–”‡“—‹”‡‡–• ˆ”‘ –Š‡ …ƒ•Š ˆŽ‘™ …‘‹‰ ˆ”‘ ‘—” ‘’‡”ƒ–‹‘• ƒ† ƒ• ™‡ŽŽ ƒ• †‡„– –Šƒ– ™‡ Šƒ˜‡‹…—””‡† –‘ ˆ‹ƒ…‡ –Š‡ …‘•–”—…–‹‘ ‘ˆ ’‹‡” ˆƒ…‹Ž‹–‹‡• ƒ– ‘—” ƒ‰ƒ‹–‘ ’”‘’‡”–› ‡ ƒ› ƒŽ•‘ ˆ”‘–‹‡ –‘ –‹‡ •‡‡ ‘–Š‡” •‘—”…‡• ‘ˆ ˆ—†‹‰ ™Š‹…Š ƒ› ‹…Ž—†‡ †‡„– ‘” ‡“—‹–› ˆ‹ƒ…‹‰•†‡’‡†‹‰ ‘ ‘—” ˆ‹ƒ…‹‰ ‡‡†• ƒ† ƒ”‡– …‘†‹–‹‘•—ƒŽ‹–ƒ–‹˜‡ ƒ† —ƒ–‹–ƒ–‹˜‡ ‹•…Ž‘•—”‡• ƒ„‘—– ƒ”‡– ‹• ‘‘†‹–› ”‹…‡ ‹•Š‡ ’”‹…‡ ‘ˆ ‹…‡Ž ‹• •—„Œ‡…– –‘ ˆŽ—…–—ƒ–‹‘• †—‡ –‘ ˆƒ…–‘”• •—…Š ƒ• ‰‘˜‡”‡– ’‘Ž‹…‹‡• …Šƒ‰‡•‹ ‰Ž‘„ƒŽ †‡ƒ† ƒ† ‰Ž‘„ƒŽ ’”‘†—…–‹‘ ‘ˆ •‹‹Žƒ” ƒ† …‘’‡–‹–‹˜‡ ‹‡”ƒŽ ’”‘†—…–• ‡ ƒ”‡‡š’‘•‡† –‘ …‘‘†‹–› ’”‹…‡ ”‹• „ƒ•‡† ‘ ˆŽ—…–—ƒ–‹‘• ‹ –Š‡ ’”‹…‡ ‘ˆ ‹…‡Ž ‘ –Š‡ Š‡ƒ‘—–• ’ƒ›ƒ„Ž‡ —†‡” –Š‡ …‘–”ƒ…–• –Šƒ– ‰‘˜‡” ‘—” •ƒ’”‘Ž‹–‡ ‘”‡ •ƒŽ‡• –‘ ƒ† Ž‹‘‹–‡‘”‡ •ƒŽ‡• –‘ ƒ”‡ „ƒ•‡† —’‘ ’ƒ›ƒ„Ž‡ ‹…‡Ž †‡Ž‹˜‡”‡† ™‹–Š –Š‡ ‹…‡Ž ‘”‡ Š‡ ’‡”…‡–ƒ‰‡˜ƒ”‹‡• †‡’‡†‹‰ ‘ –Š‡ …—•–‘‡” –Š‡ ‘”‡ –›’‡ ƒ† ‹…‡Ž ‰”ƒ†‡ Š‹• ’ƒ›ƒ„Ž‡ ‹…‡Ž ‹• ’”‹…‡†—•‹‰ ƒ ƒ˜‡”ƒ‰‡ ‘ˆ •’‘– ’”‹…‡• ‘˜‡” ƒ ’‡”‹‘† ’”‡…‡†‹‰ †‡Ž‹˜‡”›
  67. 67.  ƒ††‹–‹‘ –Š‡ ’ƒ›ƒ„Ž‡’‡”…‡–ƒ‰‡ ‘ˆ –Š‡ ‹…‡Ž …‘–ƒ‹‡† ‹ –Š‡ ‘”‡ ‹• …‘””‡Žƒ–‡† ‹ ƒ ‘ Ž‹‡ƒ” ƒ‡” ™‹–Š ‹…‡Ž ’”‹…‡• ™‹–Š Š‹‰Š‡” ’”‹…‡• –‡†‹‰ –‘ ”‡•—Ž– ‹ ƒ Š‹‰Š‡” ’ƒ›ƒ„Ž‡ ’‡”…‡–ƒ‰‡ ‘ˆ ‹…‡Žƒ† ˜‹…‡ ˜‡”•ƒ ……‘”†‹‰Ž› ‹…”‡ƒ•‡• ‘” †‡…”‡ƒ•‡• ‹ –Š‡ ’”‹…‡ ‘ˆ ‹…‡Ž ‘ –Š‡ …ƒ Šƒ˜‡ ƒ•‹‰‹ˆ‹…ƒ– ‡ˆˆ‡…– ‘ ‘—” ”‡˜‡—‡•
  68. 68.  ƒ††‹–‹‘ ƒŽ–Š‘—‰Š –Š‡ ’ƒ›‡–• –Šƒ– ™‡ ”‡…‡‹˜‡ ˆ”‘ •ƒŽ‡•‘ˆ •ƒ’”‘Ž‹–‡ ‘”‡ ƒ† Ž‹‘‹–‡ ‘”‡ –‘ ‘—” Š‹‡•‡ …—•–‘‡”• ‹• ‘– †‹”‡…–Ž› …‘””‡Žƒ–‡† ™‹–Š –Š‡ƒ”‡– ’”‹…‡ ‘ˆ ‹…‡Ž Š‹‰Š ‘” Ž‘™ ‹…‡Ž ’”‹…‡• …ƒ ‹…”‡ƒ•‡ ‘” †‡…”‡ƒ•‡ –Š‡‹” †‡ƒ† ˆ‘” ‘—”Ž‹‘‹–‡ ‘”‡ ƒ† –Š—• ƒŽ•‘ Šƒ˜‡ ƒ ‡ˆˆ‡…– ‘ ‘—” ”‡˜‡—‡• ‘ ‹–‹‰ƒ–‡ –Š‡ ‹’ƒ…– ‘ˆ •—…Š ’”‹…‡‘˜‡‡–• –Š‡ ‘’ƒ› ƒ› ‘’– –‘ ‡–‡” ‹–‘ …‘‘†‹–› ’—– ‘’–‹‘ …‘–”ƒ…–•‡ ƒ”‡ ƒŽ•‘ •—„Œ‡…– –‘ ”‹• ™‹–Š ”‡•’‡…– –‘ –Š‡ ƒ”‡– ’”‹…‡ ‘ˆ …‘‹‰ …‘ƒŽ ƒ† ’”‡˜ƒ‹Ž‹‰•Š‹’’‹‰ ”ƒ–‡• Š‡ ’”‘†—…–‹‘ ‘ˆ ‹…‡Ž ’‹‰ ‹”‘
  69. 69. —•‹‰ Ž‹‘‹–‡ ‘”‡ ”‡“—‹”‡• –Š‡ —•‡ ‘ˆ„Žƒ•– ˆ—”ƒ…‡• ™Š‹…Š —•‡ Žƒ”‰‡ ƒ‘—–• ‘ˆ …‘‹‰ …‘ƒŽ ……‘”†‹‰Ž› Š‹‰Š ™‘”Ž† ™‹†‡ †‡ƒ† ˆ‘”…‘ƒŽ …ƒ ”‡•—Ž– ‹ ƒ ‹…”‡ƒ•‡ ‹ –Š‡ ƒ”‡– ’”‹…‡ ‘ˆ …‘‹‰ …‘ƒŽ ™Š‹…Š …ƒ †‡…”‡ƒ•‡ –Š‡ †‡ƒ†ˆ‘” Ž‹‘‹–‡ ‘”‡ ˆ”‘ ‘—” Š‹‡•‡ …—•–‘‡”• ‹‹Žƒ”Ž› †—”‹‰ ’‡”‹‘†• ™Š‡ †”› „—Ž •Š‹’’‹‰”ƒ–‡• ƒ”‡ ”‡Žƒ–‹˜‡Ž› Š‹‰Š –Š‡ ‹…”‡ƒ•‡† …‘•– ‘ˆ •Š‹’’‹‰ ‘—” •ƒ’”‘Ž‹–‡ ‘”‡ ‘” Ž‹‘‹–‡ ‘”‡ –‘ Š‹ƒ…ƒ ƒ‡ –Š‡ —•‡ ‘ˆ ‘—” ‹…‡Ž ‘”‡ „› Š‹‡•‡ …—•–‘‡”• —‡…‘‘‹…ƒŽ ˆ‘” –Š‡ ™Š‹…Š ƒ› ƒŽ•‘”‡•—Ž– ‹ ƒ ”‡†—…–‹‘ ‘ˆ ‹…‡Ž ‘”‡ •ƒŽ‡• –‘ ‘—” Š‹‡•‡ …—•–‘‡”• ‘”‡‹‰ —””‡…› ‹•—” ˆ‘”‡‹‰ …—””‡…› ”‹• ”‡•—Ž–• ’”‹ƒ”‹Ž› ˆ”‘ ‘˜‡‡–• ‘ˆ –Š‡ ’‡•‘ ƒ‰ƒ‹•– –Š‡ †‘ŽŽƒ”ƒ† ”‡•—Ž–• ’”‹ƒ”‹Ž› ˆ”‘ –Š‡ –”ƒ•ƒ…–‹‘ ‡š’‘•—”‡ ƒ••‘…‹ƒ–‡† ™‹–Š –”ƒ•ƒ…–‹‘• ‹ …—””‡…‹‡•‘–Š‡” –Šƒ ‹ ’‡•‘• —…Š ‡š’‘•—”‡ ƒ”‹•‡• ˆ”‘ …ƒ•Š ƒ† …ƒ•Š ‡“—‹˜ƒŽ‡–• ‹˜‡•–‡–• ƒ†•ƒŽ‡• ‘ˆ „‡‡ˆ‹…‹ƒ–‡† ‹…‡Ž ‘”‡ †‡‘‹ƒ–‡† ‹ †‘ŽŽƒ”• ‡…ƒ—•‡ ƒŽ‘•– ƒŽŽ ‘ˆ ‘—” ”‡˜‡—‡•ƒ”‡ ‡ƒ”‡† ‹ †‘ŽŽƒ”• ™Š‹Ž‡ ‘•– ‘ˆ ‘—” ‡š’‡•‡• ƒ”‡ ’ƒ‹† ‹ ’‡•‘• ƒ’’”‡…‹ƒ–‹‘ ‘ˆ –Š‡ ’‡•‘ƒ‰ƒ‹•– –Š‡ †‘ŽŽƒ” ‡ˆˆ‡…–‹˜‡Ž› ”‡†—…‡• ‘—” ”‡˜‡—‡ ™‹–Š‘—– ƒ …‘””‡•’‘†‹‰ ”‡†—…–‹‘ ‹ ‘—”‡š’‡•‡• ƒ† …ƒ ”‡•—Ž– ‹ ƒ ”‡†—…–‹‘ ‹ ‘—” ‡– ‹…‘‡
  70. 70.  ƒ††‹–‹‘ „‡…ƒ—•‡ ƒ ’‘”–‹‘ ‘ˆ ‘—”…ƒ•Š ƒ† …ƒ•Š ‡“—‹˜ƒŽ‡–• ƒ† ‹˜‡•–‡–• ƒ”‡ †‡‘‹ƒ–‡† ‹ †‘ŽŽƒ”• –Š‡ ƒ’’”‡…‹ƒ–‹‘‘ˆ –Š‡ ’‡•‘ ƒ‰ƒ‹•– –Š‡ †‘ŽŽƒ” ”‡†—…‡• –Š‡ ˜ƒŽ—‡ ‘ˆ ‘—” –‘–ƒŽ ƒ••‡–• ‹ ’‡•‘ –‡”• ‹ ‘—” 11 | P a g e
  71. 71. NICKEL ASIA CORPORATION —ƒ”–‡”Ž› ‡’‘”– —‡…‘•‘Ž‹†ƒ–‡† ˆ‹ƒ…‹ƒŽ •–ƒ–‡‡–• ‡ ƒ”‡ ‘– …—””‡–Ž› ’ƒ”–› –‘ ƒ› ˆ‘”‡‹‰ …—””‡…› •™ƒ’ƒ‰”‡‡‡–• ƒ† ‘—” ’‘Ž‹…› ‹• ‘– –‘ Š‡†‰‡ ˆ‘”‡‹‰ …—””‡…› ‡š…Šƒ‰‡ ”‹•‘ ‹–‹‰ƒ–‡ –Š‡ ‡ˆˆ‡…– ‘ˆ ˆ‘”‡‹‰ …—””‡…› ”‹• –Š‡ ‘’ƒ› ™‹ŽŽ •‡‡ –‘ ƒ……‡Ž‡”ƒ–‡ –Š‡ …‘ŽŽ‡…–‹‘‘ˆ ˆ‘”‡‹‰ …—””‡…› †‡‘‹ƒ–‡† ”‡…‡‹˜ƒ„Ž‡• ƒ† –Š‡ •‡––Ž‡‡– ‘ˆ ˆ‘”‡‹‰ …—””‡…›†‡‘‹ƒ–‡† ’ƒ›ƒ„Ž‡• ™Š‡‡˜‡” ’”ƒ…–‹…ƒ„Ž‡ Ž•‘ ˆ‘”‡‹‰ ‡š…Šƒ‰‡ ‘˜‡‡–• ƒ”‡ ‘‹–‘”‡†‘ ƒ †ƒ‹Ž› „ƒ•‹• “—‹–› ”‹…‡ ‹• “—‹–› ’”‹…‡ ”‹• ‹• –Š‡ ”‹• –‘ ‡ƒ”‹‰• ‘” …ƒ’‹–ƒŽ ƒ”‹•‹‰ ˆ”‘ …Šƒ‰‡• ‹ •–‘… ’”‹…‡• ”‡Žƒ–‹‰ –‘–Š‡ “—‘–‡† ‡“—‹–› •‡…—”‹–‹‡• –Šƒ– ™‡ ‘™ —” ‡š’‘•—”‡ –‘ ‡“—‹–› ’”‹…‡ ”‹• ”‡Žƒ–‡• ’”‹ƒ”‹Ž› –‘‘—” ‹˜‡•–‡–• ‹ ˜ƒ”‹‘—• •–‘…• ‘ˆ Ž‹•–‡† …‘’ƒ‹‡•Š‡ ‘’ƒ› • ’‘Ž‹…› ‹• –‘ ƒ‹–ƒ‹ –Š‡ ”‹• –‘ ƒ ƒ……‡’–ƒ„Ž‡ Ž‡˜‡Ž ‘˜‡‡– ‘ˆ •Šƒ”‡ ’”‹…‡ ‹•‘‹–‘”‡† ”‡‰—Žƒ”Ž› –‘ †‡–‡”‹‡ ‹’ƒ…– ‘ ‹–• ˆ‹ƒ…‹ƒŽ ’‘•‹–‹‘ˆˆ „ƒŽƒ…‡ •Š‡‡– ƒ””ƒ‰‡‡–•‡ Šƒ˜‡ ‘– ‡–‡”‡† ‹–‘ ƒ› ‘ˆˆ „ƒŽƒ…‡ •Š‡‡– –”ƒ•ƒ…–‹‘• ‘” ‘„Ž‹‰ƒ–‹‘• ‹…Ž—†‹‰ …‘–‹‰‡–‘„Ž‹‰ƒ–‹‘• ‘” ‘–Š‡” ”‡Žƒ–‹‘•Š‹’• ™‹–Š —…‘•‘Ž‹†ƒ–‡† ‡–‹–‹‡• ‘” ‘–Š‡” ’‡”•‘•
  72. 72. Š‡”‡ ƒ”‡ ‘ ‘–Š‡” ‹ˆ‘”ƒ–‹‘ ˆ‘” –Š‹• ‹–‡”‹ ’‡”‹‘† ‘– ’”‡˜‹‘—•Ž› ”‡’‘”–‡† ‹ ƒ ”‡’‘”– ‘ ‘” 12 | P a g e
  73. 73. NICKEL ASIA CORPORATION —ƒ”–‡”Ž› ‡’‘”– —‡
  74. 74. –‡”‹ ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ ‹ƒ…‹ƒŽ ‘•‹–‹‘ ƒ• ƒ– —‡ ƒ† ‡…‡„‡”
  75. 75. –‡”‹ ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ
  76. 76. …‘‡ ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ†
  77. 77. –‡”‹ ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ ‘’”‡Š‡•‹˜‡
  78. 78. …‘‡ ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ†
  79. 79. –‡”‹ ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ Šƒ‰‡• ‹ “—‹–› ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ†
  80. 80. –‡”‹ ‘•‘Ž‹†ƒ–‡† –ƒ–‡‡–• ‘ˆ ƒ•Š Ž‘™• ˆ‘” –Š‡ •‹š ‘–Š ’‡”‹‘† ‡†‡† —‡ ƒ†‘–‡• –‘ ‘•‘Ž‹†ƒ–‡† ‹ƒ…‹ƒŽ –ƒ–‡‡–• 3|Page
  81. 81. NICKEL ASIA CORPORATION —ƒ”–‡”Ž› ‡’‘”– —‡
  82. 82. —‡ ‹–Š ‘’ƒ”ƒ–‹˜‡ —†‹–‡† ‹‰—”‡• ƒ• ƒ– ‡…‡„‡” ‘—–• ‹ Š‘—•ƒ†• —‡ ‡…‡„‡” ƒ—†‹–‡† —†‹–‡† —””‡– ••‡–• ƒ•Š ƒ† …ƒ•Š ‡“—‹˜ƒŽ‡–• ‘–‡ ”ƒ†‡ ƒ† ‘–Š‡” ”‡…‡‹˜ƒ„Ž‡• ‘–‡ ˜ƒ‹Žƒ„Ž‡ ˆ‘” •ƒŽ‡ ˆ‹ƒ…‹ƒŽ ƒ••‡–• ‘–‡
  83. 83. ˜‡–‘”‹‡• ‘–‡• ƒ†–Š‡” …—””‡– ƒ••‡–•‘–ƒŽ —””‡– ••‡–•‘…—””‡– ••‡–• ˆ‹ƒ…‹ƒŽ ƒ••‡–• ‘–‡”‘’‡”–› ƒ† ‡“—‹’‡– ‘–‡
  84. 84. ˜‡•–‡– ’”‘’‡”–›
  85. 85. ˜‡•–‡– ‹ ƒ ƒ••‘…‹ƒ–‡ ‘–‡‘‰ –‡” •–‘… ’‹Ž‡ ‹˜‡–‘”› ‡– ‘ˆ …—””‡– ’‘”–‹‘ ‘–‡ ‡ˆ‡””‡† ‹…‘‡ –ƒš ƒ••‡–• ‡––Š‡” ‘…—””‡– ƒ••‡–• ‘–‡‘–ƒŽ ‘…—””‡– ••‡–•
  86. 86. —””‡– ‹ƒ„‹Ž‹–‹‡•”ƒ†‡ ƒ† ‘–Š‡” ’ƒ›ƒ„Ž‡• ‘–‡
  87. 87. …‘‡ –ƒš ’ƒ›ƒ„Ž‡ —””‡– ’‘”–‹‘ ‘ˆ Ž‘‰ –‡” †‡„– ‘–‡‘–ƒŽ —””‡– ‹ƒ„‹Ž‹–‹‡•‘…—””‡– ‹ƒ„‹Ž‹–‹‡•‘‰ –‡” †‡„– ‡– ‘ˆ …—””‡– ’‘”–‹‘ ‘–‡ ‡ˆ‡””‡† ‹…‘‡ –ƒš Ž‹ƒ„‹Ž‹–‹‡• ‡– ‡ˆ‡””‡† ”‡– ‹…‘‡”‘˜‹•‹‘ ˆ‘” ‹‡ ”‡Šƒ„‹Ž‹–ƒ–‹‘ ƒ† †‡…‘‹••‹‘‹‰ ‘–‡‡•‹‘ Ž‹ƒ„‹Ž‹–›‘–ƒŽ ‘…—””‡– ‹ƒ„‹Ž‹–‹‡• “—‹–› ––”‹„—–ƒ„Ž‡ –‘ “—‹–› ‘Ž†‡”• ‘ˆ –Š‡ ƒ”‡– ƒ’‹–ƒŽ •–‘… ‘–‡ ††‹–‹‘ƒŽ ’ƒ‹† ‹ …ƒ’‹–ƒŽ–Š‡” …‘’‘‡–• ‘ˆ ‡“—‹–› ‘•– ‘ˆ •Šƒ”‡ „ƒ•‡† ’ƒ›‡– ’Žƒ ‘–‡ ‡– ˜ƒŽ—ƒ–‹‘ ‰ƒ‹• ‘ ˆ‹ƒ…‹ƒŽ ƒ••‡–• ‘–‡ Šƒ”‡ ‹ …——Žƒ–‹˜‡ –”ƒ•Žƒ–‹‘ ƒ†Œ—•–‡– ‘–‡ ••‡– ”‡˜ƒŽ—ƒ–‹‘ •—”’Ž—•‡–ƒ‹‡† ‡ƒ”‹‰•‘ …‘–”‘ŽŽ‹‰
  88. 88. –‡”‡•–•‘–ƒŽ “—‹–›
  89. 89. ‡‡ ƒ……‘’ƒ›‹‰ ‘–‡• –‘ ‘•‘Ž‹†ƒ–‡† ‹ƒ…‹ƒŽ –ƒ–‡‡–• 1|Page
  90. 90. NICKEL ASIA CORPORATION —ƒ”–‡”Ž› ‡’‘”– —‡
  91. 91. ƒ† ‘—–• ‹ Š‘—•ƒ†• š…‡’– ƒ”‹‰• ’‡” Šƒ”‡ ƒ—†‹–‡† ƒŽ‡ ‘ˆ ‘”‡ ‡”˜‹…‡• ƒ† ‘–Š‡”• ‘•– ‘ˆ •ƒŽ‡• ‘•– ‘ˆ •‡”˜‹…‡•Š‹’’‹‰ ƒ† Ž‘ƒ†‹‰ …‘•–• š…‹•‡ –ƒš‡• ƒ† ”‘›ƒŽ–‹‡•‡‡”ƒŽ ƒ† ƒ†‹‹•–”ƒ–‹˜‡
  92. 92. ‡–
  93. 93. —””‡– ‡ˆ‡””‡†
  94. 94. ‡– ‹…‘‡ ƒ––”‹„—–ƒ„Ž‡ –‘ “—‹–› Š‘Ž†‡”• ‘ˆ –Š‡ ’ƒ”‡– ‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•–• ƒ•‹… ‡ƒ”‹‰• ’‡” •Šƒ”‡ 2|Page
  95. 95. NICKEL ASIA CORPORATION —ƒ”–‡”Ž› ‡’‘”– —‡
  96. 96. ƒ† ‘—–• ‹ Š‘—•ƒ†• š…‡’– ƒ”‹‰• ’‡” Šƒ”‡ ƒ—†‹–‡† ‘–‡ƒŽ‡ ‘ˆ ‘”‡ ‡”˜‹…‡• ƒ† ‘–Š‡”• ‘•– ‘ˆ •ƒŽ‡• ‘–‡ ‘•– ‘ˆ •‡”˜‹…‡• ‘–‡Š‹’’‹‰ ƒ† Ž‘ƒ†‹‰ …‘•–• ‘–‡ š…‹•‡ –ƒš‡• ƒ† ”‘›ƒŽ–‹‡• ‘–‡‡‡”ƒŽ ƒ† ƒ†‹‹•–”ƒ–‹˜‡ ‘–‡
  97. 97. ‘–‡
  98. 98. ‘–‡
  99. 99. ‡– ‘–‡
  100. 100. ‘–‡ —””‡– ‡ˆ‡””‡†
  101. 101. ‡– ‹…‘‡ ƒ––”‹„—–ƒ„Ž‡ –‘ “—‹–› Š‘Ž†‡”• ‘ˆ –Š‡ ’ƒ”‡– ‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•–• ƒ•‹… ‡ƒ”‹‰• ’‡” •Šƒ”‡ ‘–‡ ‡‡ ƒ……‘’ƒ›‹‰ ‘–‡• –‘ ‘•‘Ž‹†ƒ–‡† ‹ƒ…‹ƒŽ –ƒ–‡‡–• 3|Page
  102. 102. NICKEL ASIA CORPORATION —ƒ”–‡”Ž› ‡’‘”– —‡
  103. 103. ƒ† ‘—–• ‹ Š‘—•ƒ†• ƒ—†‹–‡†
  104. 104. Šƒ”‡ ‹ –”ƒ•Žƒ–‹‘ ƒ†Œ—•–‡– ‘ˆ ƒ ƒ••‘…‹ƒ–‡‡– ˜ƒŽ—ƒ–‹‘ Ž‘•• ‘ ˆ‹ƒ…‹ƒŽ ƒ••‡–• ••‡– ”‡˜ƒŽ—ƒ–‹‘ •—”’Ž—•
  105. 105. ‘–ƒŽ …‘’”‡Š‡•‹˜‡ ‹…‘‡ ƒ––”‹„—–ƒ„Ž‡ –‘ “—‹–› Š‘Ž†‡”• ‘ˆ –Š‡ ’ƒ”‡– ‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•–• ‡‡ ƒ……‘’ƒ›‹‰ ‘–‡• –‘ ‘•‘Ž‹†ƒ–‡† ‹ƒ…‹ƒŽ –ƒ–‡‡–• 4|Page
  106. 106. NICKEL ASIA CORPORATION —ƒ”–‡”Ž› ‡’‘”– —‡
  107. 107. ƒ† ‘—–• ‹ Š‘—•ƒ†• “—‹–› ––”‹„—–ƒ„Ž‡ –‘ “—‹–› ‘Ž†‡”• ‘ˆ –Š‡ ƒ”‡– ‡– ƒŽ—ƒ–‹‘ Šƒ”‡ ‹ ƒ‹• ——Žƒ–‹˜‡ ‘•– ‘ˆ Šƒ”‡ ‘••‡• ”ƒ•Žƒ–‹‘ „ƒ•‡† ‘ †Œ—•–‡– ƒ’‹–ƒŽ ††‹–‹‘ƒŽ ƒ›‡– ‹ƒ…‹ƒŽ ‘ˆ ƒ ••‡– ‘ –‘… ƒ‹† ‹ Žƒ ••‡–• ••‘…‹ƒ–‡ ‡˜ƒŽ—ƒ–‹‘ ‡–ƒ‹‡† …‘–”‘ŽŽ‹‰ ‘–‡ ƒ’‹–ƒŽ ‘–‡ ‘–‡ ‘–‡ —”’Ž—• ƒ”‹‰• ‘–ƒŽ
  108. 108. –‡”‡•–• ‘–ƒŽ ƒŽƒ…‡• ƒ– ‡…‡„‡” ‡– ‹…‘‡–Š‡” …‘’”‡Š‡•‹˜‡ ‹…‘‡ Ž‘••‘–ƒŽ …‘’”‡Š‡•‹˜‡ ‹…‘‡ Ž‘•• ‘•– ‘ˆ •Šƒ”‡ „ƒ•‡† ’ƒ›‡– ‘–‡ ƒ•Š †‹˜‹†‡†• ’‡” •Šƒ”‡ ‘–‡”‡ˆ‡””‡† •Šƒ”‡• †‹˜‹†‡†• …——Žƒ–‹˜‡Šƒ”‡ ‘ˆ ‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•–• ‹ …ƒ•Š †‹˜‹†‡†• ‘ˆ ƒ •—„•‹†‹ƒ”›—„•…”‹’–‹‘ ‘ˆ ‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•–• ‘ …ƒ’‹–ƒŽ •–‘… ‘ˆ ƒ •—„•‹†‹ƒ”› ••‡– ”‡˜ƒŽ—ƒ–‹‘ •—”’Ž—• –”ƒ•ˆ‡””‡† –‘ ”‡–ƒ‹‡† ‡ƒ”‹‰• ƒŽƒ…‡• ƒ– —‡ ƒ—†‹–‡† 5|Page
  109. 109. NICKEL ASIA CORPORATION —‡ “—‹–› ––”‹„—–ƒ„Ž‡ –‘ “—‹–› ‘Ž†‡”• ‘ˆ –Š‡ ƒ”‡– ‡– ƒŽ—ƒ–‹‘ ƒ‹• ‘••‡• ••‡– ƒ’‹–ƒŽ ††‹–‹‘ƒŽ ‘ ‡˜ƒŽ—ƒ–‹‘ ‡–ƒ‹‡† ”‡ƒ•—”› –‘… ƒ‹† ‹
  110. 110. ˜‡•–‡–• —”’Ž—• ƒ”‹‰• Šƒ”‡• ‘ …‘–”‘ŽŽ‹‰ ‘–‡ ƒ’‹–ƒŽ ‘–‡ ‘–‡ ‘–‡ ‘–‡ ‘–ƒŽ
  111. 111. –‡”‡•–• ‘–ƒŽ ƒŽƒ…‡• ƒ– ƒ—ƒ”› ‡– ‹…‘‡–Š‡” …‘’”‡Š‡•‹˜‡ ‹…‘‡ Ž‘••‘–ƒŽ …‘’”‡Š‡•‹˜‡ ‹…‘‡ Ž‘•• ••‡– ”‡˜ƒŽ—ƒ–‹‘ •—”’Ž—• –”ƒ•ˆ‡””‡† –‘ ”‡–ƒ‹‡† ‡ƒ”‹‰• ‘–‡Šƒ”‡ ‘ˆ ‹‘”‹–› ‹ …ƒ•Š †‹˜‹†‡†• ‘ˆ ƒ •—„•‹†‹ƒ”› ƒŽƒ…‡• ƒ– —‡ ƒ—†‹–‡† ‡‡ ƒ……‘’ƒ›‹‰ ‘–‡• –‘ ‘•‘Ž‹†ƒ–‡† ‹ƒ…‹ƒŽ –ƒ–‡‡–• 6|Page
  112. 112. NICKEL ASIA CORPORATION —‡
  113. 113. ƒ† ‘—–• ‹ Š‘—•ƒ†• ƒ—†‹–‡†
  114. 114. …‘‡ „‡ˆ‘”‡ ‹…‘‡ –ƒš †Œ—•–‡–• ˆ‘” ‹˜‹†‡† ‹…‘‡ ‘–‡• ƒ† ‡’”‡…‹ƒ–‹‘ ƒ† †‡’Ž‡–‹‘ ‘–‡
  115. 115. –‡”‡•– ‹…‘‡ ‘–‡ ‘•• ‰ƒ‹ ‘ ƒ”‰ƒ‹ ’—”…Šƒ•‡ ‘–‡ ƒŽ‡ ‘ˆ ‹˜‡•–‡–• –”ƒ•ˆ‡””‡† ˆ”‘ ‡“—‹–› –‘ ’”‘ˆ‹– ‘” Ž‘•• ‡– ‘–‡• ƒ† ‡”‹˜ƒ–‹˜‡ –”ƒ•ƒ…–‹‘• ‡– ‘–‡ ƒ‹” ˜ƒŽ—‡ …Šƒ‰‡• ‘ˆ ˆ‹ƒ…‹ƒŽ ƒ••‡–• ƒ– ‘•– ‘ˆ •Šƒ”‡ „ƒ•‡† ’ƒ›‡– ’Žƒ ‘–‡ “—‹–› ‹ ‡– Ž‘••‡• ‘ˆ ƒ ƒ••‘…‹ƒ–‡ ‘–‡ ”‡ƒŽ‹œ‡† ˆ‘”‡‹‰ ‡š…Šƒ‰‡ ‰ƒ‹• ‡–
  116. 116. –‡”‡•– ‡š’‡•‡ ‘–‡• ƒ† ‘˜‡‡–• ‹ ’‡•‹‘ Ž‹ƒ„‹Ž‹–› ……”‡–‹‘ ‘ ’”‘˜‹•‹‘ ˆ‘” ‹‡ ”‡Šƒ„‹Ž‹–ƒ–‹‘ ƒ† †‡…‘‹••‹‘‹‰ ‘–‡• ƒ†’‡”ƒ–‹‰ ‹…‘‡ „‡ˆ‘”‡ ™‘”‹‰ …ƒ’‹–ƒŽ …Šƒ‰‡• ‡…”‡ƒ•‡ ‹…”‡ƒ•‡ ‹ ”ƒ†‡ ƒ† ‘–Š‡” ”‡…‡‹˜ƒ„Ž‡•
  117. 117. ˜‡–‘”‹‡• –Š‡” …—””‡– ƒ••‡–•
  118. 118. …”‡ƒ•‡ ‹ –”ƒ†‡ ƒ† ‘–Š‡” ’ƒ›ƒ„Ž‡•‡– …ƒ•Š ‰‡‡”ƒ–‡† ˆ”‘ ‘’‡”ƒ–‹‘•
  119. 119. –‡”‡•– ”‡…‡‹˜‡† ‹˜‹†‡†• ”‡…‡‹˜‡† ‘–‡
  120. 120. …‘‡ –ƒš‡• ’ƒ‹†
  121. 121. –‡”‡•– ’ƒ‹†‡– …ƒ•Š ˆŽ‘™• ˆ”‘ ‘’‡”ƒ–‹‰ ƒ…–‹˜‹–‹‡•
  122. 122. …“—‹•‹–‹‘• ‘ˆ ”‘’‡”–› ƒ† ‡“—‹’‡– ‘–‡ ‹˜‡•–‡–• ‹ƒ…‹ƒŽ ƒ••‡–• ƒ– ”‘…‡‡†• ˆ”‘ ’ƒ›‡–• ˆ‘” ƒŽ‡ ‘ˆ ‹˜‡•–‡–• ƒŽ‡ ‘ˆ ˆ‹ƒ…‹ƒŽ ƒ••‡–• ƒ– ‡––Ž‡‡– ‘ˆ †‡”‹˜ƒ–‹˜‡ –”ƒ•ƒ…–‹‘• ‡…”‡ƒ•‡ ‹…”‡ƒ•‡ ‹ ‘–Š‡” ‘…—””‡– ƒ••‡–•‡– …ƒ•Š ˆŽ‘™• ˆ”‘ —•‡† ‹ ‹˜‡•–‹‰ ƒ…–‹˜‹–‹‡•
  123. 123. ”‘…‡‡†• ˆ”‘ ˜ƒ‹Ž‡– ‘ˆ Ž‘‰ –‡” †‡„– ‘–‡ —„•…”‹’–‹‘ ‘ˆ ‘ …‘–”‘ŽŽ‹‰ ‹–‡”‡•– ‘ …ƒ’‹–ƒŽ •–‘… ‘ˆ ƒ •—„•‹†‹ƒ”›ƒ›‡– ‘ˆ ƒ•Š †‹˜‹†‡†• ‘–‡ ‘‰ –‡” †‡„– ‘–‡ ƒ•Š ˆŽ‘™• —•‡† ‹ ˆ‹ƒ…‹‰ ƒ…–‹˜‹–‹‡•

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