CNIKF - InvestorNewsBreaks - Canada Nickel Company Inc. (TSX.V: CNC) (OTCQX: CNIKF) Financing Partner Announce $15 Million Loan Facility
Canada Nickel (TSX.V: CNC) (OTCQX: CNIKF), a company that is advancing the next generation of nickel-sulphide projects, has arranged a $15 million loan facility with Auramet; the transaction is expected to close on or before July 9, 2024. According to the announcement, the loan, which will be due Jan. 9, 2025, has an interest rate of 1% per month with a 2.5% arrangement fee and is subject to customary terms and conditions. In addition, when the loan closes, Auramet will receive 750,000 one-year warrants with a strike price of $1.42. The warrants and the underlying shares will be subject to a four-month hold period. Canada Nickel anticipates using the funds from the loan for working capital purposes. One of the largest physical precious-metals merchants in the world, Auramet is a private company with more than $20 billion in annual revenues. The business consists of three main activities: physical metals trading, metals merchant banking (including direct lending) and project finance advisory services. “I am pleased that our long supportive financing partner, Auramet, has agreed to provide a $15 million bridge facility, which will allow us to remain well funded to continue to advance our permitting, engineering and financing activities,” said Canada Nickel CEO Mark Selby in the press release. “Discussions with offtake and project partners for Crawford are ongoing and expected to be completed before year end as we continue to target a mid-year 2025 construction decision for Crawford upon receipt of permits.”
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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.
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