Canada Nickel Closes Previously Announced US$10 Million Loan Facility with Auramet International, Inc.
Canada Nickel Company has successfully closed a US$10 million secured loan facility with Auramet International. This funding will support post-feasibility work on permitting and detailed engineering for the Crawford Nickel-Cobalt Sulphide Project during the winter months. The loan carries a 1.00% monthly interest rate and is due January 18, 2023, with additional terms including a 2% arrangement fee and the issuance of 325,000 warrants at $1.52 per share.
- Secured US$10 million loan enhances funding for project advancement.
- Funding allows for crucial winter months' engineering and permitting work.
- Loan's monthly interest rate of 1.00% may increase financial obligations.
- Warrants issued could cause shareholder dilution upon exercise.
TORONTO, Oct. 18, 2022 /PRNewswire/ - Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSXV: CNC) (OTCQX: CNIKF) today announced that it has closed a secured loan facility with Auramet International, Inc. ("Auramet") of US
The loan will be due January 18, 2023, will carry an interest rate of
Auramet is one of the largest physical precious metals merchants in the world with over
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
For further information, please contact:
Mark Selby
Chair and CEO
Phone: 647-256-1954
Email: info@canadanickel.com
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, drill and exploration results relating to the target properties described herein (the "Properties"), the potential of the Crawford Nickel Sulphide Project and the Properties, timing of economic studies and mineral resource estimates, the ability to sell marketable materials, strategic plans, including future exploration and development results, and corporate and technical objectives. 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, and the impact of COVID-19 related disruptions in relation to the Company's business operations including upon its employees, suppliers, facilities and other stakeholders. 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, future events or otherwise, except as required by law.
View original content to download multimedia:https://www.prnewswire.com/news-releases/canada-nickel-closes-previously-announced-us10-million-loan-facility-with-auramet-international-inc-301652623.html
SOURCE Canada Nickel Company Inc.
FAQ
What is the significance of Canada Nickel's US$10 million loan with Auramet (CNIKF)?
What are the terms of Canada Nickel's secured loan with Auramet (CNIKF)?