Additional milestone in securing project
financing for the Crawford Nickel Sulphide Project
TORONTO, Sept. 12,
2024 /CNW/ - Canada Nickel Company Inc. ("Canada
Nickel" or the "Company") (TSXV: CNC) (OTCQX: CNIKF)
today announced receipt on September 11,
2024 of a support letter from a leading financial
institution stating its interest in providing long term debt
financing of up to C$500 million
(approximately US$370 million) of
project debt, for development of the Crawford Nickel sulphide
project in Timmins, Ontario. Terms
and conditions (including pricing) will be subject to further due
diligence and discussions with lenders, lenders advisors and Canada
Nickel and its financial advisors. This support letter is
incremental to that received last week from Export Development
Canada. Combined these letters of interest amount to
approximately US$870m of senior debt
– a substantial portion of the Company's intended senior debt
target.
Mark Selby, CEO of Canada Nickel,
said, "We are very pleased with this additional indication of
interest as it is another substantial step towards advancing our
financing package for Crawford. With last week's previously
announced US$500 million letter of
interest from Export Development Canada, along with the refundable
critical minerals and carbon capture and storage tax credits in
excess of US$600 million that the
Company expects to qualify for the initial phase of Crawford's
development, the Company is well-positioned with our financial
advisors Deutsche Bank, Scotiabank and Cutfield Freeman to secure
the remaining project funding required to begin construction when
permits are received, which we expect to be by mid 2025."
About Canada Nickel Company
Canada Nickel Company Inc. 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 Company has applied in multiple jurisdictions to trademark
the terms NetZero Nickel™, NetZero Cobalt™, NetZero Iron™ 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 Sulphide Project in the heart of the
prolific Timmins-Cochrane mining camp. For more information,
please visit www.canadanickel.com.
For further information, please
contact:
Mark
Selby
CEO
Phone:
647-256-1954
Email:
info@canadanickel.com
Cautionary Statement Concerning Forward-Looking
Statements
This press release contains certain information that may
constitute "forward-looking information" under applicable Canadian
securities legislation. Forward looking information includes, but
is not limited to, the ability to secure project financing, the
timing and receipt of construction permits, the ability to commence
construction at Crawford, and timing and availability of funding
from Export Development Canada, other project funding and
refundable tax credits. Forward-looking information is necessarily
based upon several assumptions that, while considered reasonable,
are subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking information. Factors that could affect the outcome
include, among others: the terms on which the Company is able to
secure debt financing (if at all), future prices and the supply of
metals, the future demand for metals, the results of drilling,
inability to raise the money necessary to incur the expenditures
required to retain and advance the property, environmental
liabilities (known and unknown), general business, economic,
competitive, political and social uncertainties, results of
exploration programs, risks of the mining industry, delays in
obtaining governmental approvals, failure to obtain regulatory or
shareholder approvals. There can be no assurance that such
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information. Accordingly, readers should not place undue reliance
on forward-looking information. All forward-looking information
contained in this press release is given as of the date hereof and
is based upon the opinions and estimates of management and
information available to management as at the date hereof. Canada
Nickel disclaims any intention or obligation to update or revise
any forward-looking information, whether because of new
information. Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release
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SOURCE Canada Nickel Company Inc.