Canada Nickel (TSX.V: CNC) (OTCQX: CNIKF), a company that is advancing the next generation of nickel-sulphide projects, has completed a brokered private placement. According to the announcement, the placement included 19,600,000 units at a price of C$1.77 per flow-through unit, and each unit consisted of one flow-through common share of the company and 0.35 of one flow-through common share purchase warrant. The private placement resulted in gross proceeds of C$34,692,000 for the company. The announcement also noted that, after the offering closed, Agnico Eagle Mines Limited acquired the units, resulting in Agnico Eagle Mines holding an estimated 12% of the company’s issued and outstanding common shares on a non-diluted basis. Canada Nickel has entered into an investor rights agreement with Agnico Eagle, giving Agnico Eagle certain rights based on maintaining ownership thresholds outlined in the agreement. Canada Nickel also clarified an earlier announcement regarding a financing update released on Dec. 18 , 2023. The initial news release stated the 350,000 common share purchase warrants issued as part of the terms to extend the $12 million loan facility with Auramet International Inc. had a one-year term.
The announcement clarified that Canada Nickel agreed to issue 350,000 extension warrants for a nine-month term, with the extension warrants expiring on Sept. 18, 2024, subject to the approval of the TSX Venture Exchange. “We are very pleased to welcome Agnico Eagle, one of the largest mining companies in Canada , as an investor in Canada Nickel,” said Canada Nickel CEO Mark Selby in the press release. “Agnico Eagle has a long operating history in the Abitibi region, deep technical expertise and a track record of operating success with its core open pit, bulk-tonnage, gold assets in the Abitibi at both Canadian Malartic and Detour Lake. The proceeds from this offering will help us continue to unlock the potential of our Timmins Nickel District, which we believe has the potential to be one of the world’s largest nickel sulphide district. This potential, combined with our novel IPT (‘IPT’) carbonation process to capture and store CO2, provides a foundation for a Zero Carbon Industrial Cluster in northern Ontario. As well, we continue to advance various offtake initiatives, which we expect to complete prior to Jan. 18, 2024, the current repayment date for the Auramet debt facility.”
To view the full press release, visit https://ibn.fm/5C6Tr
About Canada Nickel Company Inc.
Canada Nickel is advancing the next generation of nickel-sulphide projects to deliver nickel required to feed the high-growth electric vehicle and stainless-steel markets. Canada Nickel has applied in multiple jurisdictions to trademark the terms NetZero Nickel(TM), NetZero Cobalt(TM) and NetZero Iron(TM), and is pursuing the development of processes to allow the production of net-zero carbon nickel, cobalt and iron products. Canada Nickel provides investors with leverage to nickel in low political-risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp. For more information about the company, visit www.CanadaNickel.com.
NOTE TO INVESTORS: The latest news and updates relating to CNIKF are available in the company’s newsroom at https://ibn.fm/CNIKF
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