Important milestone in securing project
financing for the Crawford Nickel Sulphide Project
TORONTO, Sept. 6,
2024 /CNW/ - Canada Nickel Company Inc. ("Canada
Nickel" or the "Company") (TSXV: CNC) (OTCQX: CNIKF)
today announced receipt of a Letter of Interest ("LOI") from Export
Development Canada ("EDC"), signed on August
30, 2024, stating its interest in providing long term debt
financing of up to US$500 million of
project debt, as Mandated Lead Arranger, for development of the
Crawford Nickel Sulphide Project in Timmins, Ontario ("the Project"). EDC
could consider a debt tenor of up to eighteen years, subject to
certain conditions. EDC's participation in the Project financing is
subject to the successful completion of its rigorous due diligence
process.
Mark Selby, CEO of Canada Nickel,
said, "We are very pleased with the LOI as it marks an important
milestone towards securing a full financing package for
Crawford. We look forward to working closely with EDC
to complete the due diligence and negotiation process to
secure this funding. The LOI, along with the refundable
critical minerals and carbon capture & storage tax
credits in excess of US$600
million that the Company expects to qualify
for the initial phase of Crawford's
development, demonstrates the significant commitment of the
federal government to support this critical project as a high
priority. Additionally, we continue to make good progress
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 EDC
Export Development Canada (EDC) is a financial Crown corporation
dedicated to helping Canadian businesses make an impact at home and
abroad. EDC has the financial products and knowledge Canadian
companies need to confidently enter new markets, reduce financial
risk and grow their business as they go from local to global.
Together, EDC and Canadian companies are building a more
prosperous, stronger and sustainable economy for all Canadians.
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 NickelTM, NetZero CobaltTM,
NetZero IronTM 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 timing and availability of EDC and other
project funding. 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: 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.