TORONTO, Jan. 9, 2025
/CNW/ - Canada Nickel Company Inc. ("Canada
Nickel" or the "Company") (TSXV: CNC) (OTCQX: CNIKF)
today announced that it has extended the repayment date of the
US$15 million loan facility announced
July 9, 2024 with Auramet
International, Inc. ("Auramet") from January
9, 2025, to March 14,
2025.
Mark Selby, CEO and Director of
Canada Nickel Company, said "I am pleased that we are extending
repayment of our loan with Auramet to March
14, 2025 allowing us to complete various strategic financing
initiatives during this timeframe."
Loan Extension
An extension fee of US$438,465
will be paid by March 14, 2025 and
1,750,000 warrants with a strike price of $0.96 per share will be issued with a 9 month
expiry. 750,000 warrants previously issued with the initial loan
will be cancelled. The loan will carry an interest rate of 1.25%
per month for the extension period. The interest payable on the
original loan amount has also been deferred to March 14th, 2025. The warrants
and the underlying common shares are subject to a four month hold
period under Canadian securities laws. The extension is subject to
TSX Venture Exchange approval.
About Auramet
Auramet is one of the largest physical precious metals merchants
in the world with over US$20 billion
in annual revenues and which provides a full range of services to
all participants in the precious metals supply chain. Auramet is a
private company established in 2004 by seasoned professionals who
have assembled a global team of industry specialists with over 350
years combined industry experience. Their business consists of
three main activities: physical metals trading, metals merchant
banking (including direct lending) and project finance advisory
services. The company has built a consistently successful and
prominent franchise in the metals space on the back of an
experienced management team that has proven to be innovative and
capable of delivering the highest quality service to participants
in the sector. In fiscal year 2024 it purchased 7.4 million ounces
of gold, 118 million ounces of silver and 4 million ounces of PGMs,
and has provided term financing facilities in excess of
US$1 billion to date. Auramet is
looking to grow its capital investment business in equity,
royalties and streams in the precious metals and battery related
metals mining space. Auramet is proud to have been awarded a Gold
Medal the past two years for its ESG commitment by EcoVadis, the
most trusted provider of ESG ratings with a network of more than
130,000 rated companies. For more information on Auramet, please
visit www.auramet.com.
About Canada Nickel
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™ and 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-Cobalt 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 approval of the TSX Venture Exchange,
the use of proceeds from the loan, the completion of any strategic
financing initiatives, the ability of the Company to deliver nickel
required to feed the high growth electric vehicle and stainless
steel markets, and the development of processes to allow the
production of net zero carbon nickel, cobalt, and iron products.
Readers should not place undue reliance on forward looking
statements. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Canada Nickel to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. There are no assurances that Crawford will be placed
into production. Factors that could affect the outcome include,
among others: inability to repay the loan or comply with the
covenants set out in the loan agreement; the actual results of
development activities; project delays; inability to raise the
funds necessary to complete development; general business,
economic, competitive, political and social uncertainties; future
prices of metals or project costs could differ substantially and
make any commercialization uneconomic; availability of alternative
nickel sources or substitutes; actual nickel recovery; conclusions
of economic evaluations; changes in applicable laws; changes in
project parameters as plans continue to be refined; accidents,
labour disputes, the availability and productivity of skilled
labour and other risks of the mining industry; political
instability, terrorism, insurrection or war; delays in obtaining
governmental approvals, necessary permitting or in the completion
of development or construction activities; mineral resource
estimates relating to Crawford could prove to be inaccurate for any
reason whatsoever; additional but currently unforeseen work may be
required to advance to the feasibility stage; and even if Crawford
goes into production, there is no assurance that operations will be
profitable. Although Canada Nickel has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended. Forward-looking statements contained herein
are made as of the date of this news release and Canada Nickel
disclaims any obligation to update any forward looking statements,
whether as a result of new information, future events or results or
otherwise, except as required by applicable securities laws.
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.
