Canada Nickel Provides Corporate Update

Rhea-AI Summary

Canada Nickel (TSXV: CNC) (OTCQB: CNIKF) announced an extension to the closing date of their $20 million Convertible Note agreement with Taykwa Tagamou Nation (TTN). The transaction, which was initially announced on December 16, 2024, is now expected to close by February 14, 2025. The completion remains subject to TSX Venture Exchange approval and other required third-party consents.

Positive

• Secured $20 million in financing through Convertible Note

Negative

• Delay in closing of financing transaction
• Transaction completion still subject to regulatory approvals

TORONTO, Feb. 3, 2025 /PRNewswire/ - Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSXV: CNC) (OTCQB: CNIKF) has extended the closing date of the $20 million Convertible Note with Taykwa Tagamou Nation ("TTN"), announced on December 16, 2024.  Completion of the transaction is expected to occur by February 14, 2025 and is subject to certain conditions, including the approval of the TSX Venture Exchange, and the receipt of all other required third party consents.

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 is currently anchored by its 100% owned flagship Crawford Nickel Sulphide Project in the emerging Timmins Nickel District. 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.

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. Generally, forward-looking information can be identified by the use of forward looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward looking information in this news release includes, but is not limited to: the use of proceeds of the Offering; the timing and ability of the Company, if at all, to obtain final approval of the Offering from the TSX Venture Exchange; the tax treatment of the FT Shares; the timing of incurring the Qualifying Expenditures and the renunciation of the Qualifying Expenditures; upgrading existing mineral resources; publishing new mineral resources on additional properties, including the timing thereof; and statements regarding exploration results, exploration plans and other corporate and technical objectives. Forward-looking information is necessarily based upon a number of 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 Company's properties, 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, and 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. 3 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 as a result of new information, future events or otherwise, except as required by law. 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.

FAQ

What is the new closing date for Canada Nickel's (CNIKF) $20 million Convertible Note with TTN?

The new closing date for Canada Nickel's $20 million Convertible Note with Taykwa Tagamou Nation has been extended to February 14, 2025.

What approvals does Canada Nickel (CNIKF) still need for the TTN Convertible Note?

Canada Nickel requires TSX Venture Exchange approval and other required third-party consents to complete the Convertible Note transaction.

When was Canada Nickel's (CNIKF) Convertible Note with TTN originally announced?

The $20 million Convertible Note agreement with Taykwa Tagamou Nation was originally announced on December 16, 2024.

How much is Canada Nickel's (CNIKF) Convertible Note with TTN worth?

The Convertible Note agreement between Canada Nickel and Taykwa Tagamou Nation is worth $20 million.