Canada Nickel (TSX.V: CNC) (OTCQX: CNIKF) has entered into a subscription agreement with Anglo American resulting in an estimated $24 million investment in Canada Nickel; the investment is at a price of $1.95 per common share, representing a 10% premium to the 30-day volume weighted average price (“VWAP”) and making Anglo American a 9.9% shareholder when the transaction is completed. According to the announcement, this is a key milestone in the company’s efforts to advance its Crawford Nickel Project toward production. The agreement also calls for Canada Nickel to enter into a binding Offtake Term Sheet with Anglo American at closing, giving Anglo American exclusive rights to purchase up to 10% of recoveries of nickel concentrate, iron and chromium contained in the magnetite concentrates and any corresponding carbon credits from the CNIKF’s Crawford Nickel Project. Anglo American is a leading global mining company with a portfolio of world-class competitive operations and a broad range of future development options. “We are very pleased to welcome Anglo American, a leading global mining company, as a cornerstone investor in Canada Nickel,” said Canada Nickel chair and CEO Mark Selby in the press release. “Today’s announcement is another key milestone as we advance Crawford towards production. Our team is looking forward to working with Anglo American to identify opportunities to apply their industry leading mining innovation technology to add additional value to Crawford.”
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About Canada Nickel Company
Canada Nickel 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 has applied in multiple jurisdictions to trademark the terms NetZero Nickel(TM), NetZero Cobalt(TM) and NetZero Iron(TM), and is also pursuing the development of processes to allow the production of net-zero carbon nickel, cobalt and iron products. The company provides investors with leverage to nickel in low political-risk jurisdictions. Canada Nickel is currently anchored by its wholly owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp. For more information about the company, visit www.CanadaNickel.com.
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