CNC - Samsung SDI Invests in Canada Nickel Ignoring Short-Term Market Oversupply | Benzinga
South Korean battery manufacturer Samsung SDI (KRX: 006400) announced a $18.5 million investment in Canada Nickel Company (TSXV:CNC), marking the latest investment in the emerging Canadian mining company.
The funds will be used to support Canada Nickel’s Crawford nickel sulphide project in the Timmins-Cochrane mining camp of Ontario.
"As we advance the Crawford nickel sulphide project, it is critical to form long-term partnerships with companies that truly understand how crucial this production is for electric vehicle supply chains across North America and Europe," Canada Nickel CEO Mark Selby said in a news release.
According to the agreement, Samsung will purchase Canada Nickel’s common shares at C$1.57 per share. This gives the battery maker an approximately 8.7% stake in the company upon closing.
Samsung secured the right to purchase a ...