North American Nickel Goes a-Buyin’

Sometimes, one has to spend money to make money, so Vancouver-based North American Nickel Inc. (TSX-Venture: NAN) is adopting that route.

The company told investors Thursday it has recently acquired an ownership position in a private Canadian company, to provide direct exposure to nickel-copper-cobalt (Ni-Cu-Co) opportunities in the southern African region, and that it is expanding its area of exploration interest into Morocco.

NAN is a global Ni-Cu-Co sulphide exploration and development company. In addition to projects in Greenland and Canada, to quote from Thursday’s news release, “we continually evaluate opportunities to acquire or invest in opportunities that have high prospectivity and are located in low-risk countries with rule-of-law.”

For the past year NAN has been evaluating opportunities in Africa. These include a direct investment in Premium Nickel Resources (PNR), a private Canadian company, focused on the acquisition of Ni-Cu-Co projects in southern Africa and an expanding relationship with the Office National des Hydrocarbures et des Mines (ONHYM) in Morocco.

NAN shares took on a penny, or 11.8%, to 9.5 cents as the clock approached noon in the Easterm time zone, on volume of 105,000 shares.