Canada Nickel Announces Receipt of Support Letter for up to $500 million from Leading Financial Institution Additional milestone in securing project financing for the Crawford Nickel Sulphide Project
1
Canada Nickel Announces Receipt of Support Letter
for up to $500 million from Leading Financial Institution
Additional milestone in securing project financing for the Crawford Nickel Sulphide Project
TORONTO, September 12, 2024 – Canada Nickel Company Inc. (" Canada Nickel " or the " Company")
(TSXV: CNC) (OTCQX: CNIKF) is pleased to announce that, on September 11, 2024 , it received a support
letter from a leading financial institution stating its interest in providing long term debt financing of up to
C$500 million (approximately US$370 million) of project debt, for development of the Crawford Nickel
sulphide project in Timmins, Ontario. Terms and conditions (including pricing) will be subject to further
due diligence and discussions with lenders, lenders’ advisors and Canada Nickel and its financial advisors.
This support letter is in addition to the letter of interest received last week from Export Development
Canada. Combined these letters of interest amount to approximately US$ 870m of senior debt – a
substantial portion of the Company’s intended senior debt target.
Mark Selby, CEO of Canada Nickel, said, “We are very pleased with this additional indication of interest,
as it is another significant step as we continue to advance our financing package for Crawford. With the
announcement last week of a US$500 million letter of interest from Export Development Canada , along
with the refundable critical minerals and carbon capture and storage tax credits in excess of US$600
million that the Company expects to qualify for in respect of the initial phase of Crawford’s development,
the Company is well -positioned 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 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 trademar k the terms NetZero Nickel TM, NetZero Cobalt TM, 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 politi cal 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: [email protected]
2
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
ability to secure project financing, the timing and receipt of construction permits, the ability to commence
construction at Crawford, and timing and availability of funding from Export Development Canada, other
project funding and refundable tax credits. 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: the terms on which the Company is able to secure debt financing (if at all), 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 co uld 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. Nei ther 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.