en.Wedoany.com Reported - Canada Nickel Company Inc. has completed its previously announced non-brokered private placement, which was upsized to 3,000,000 flow-through shares at an issue price of C$2.07 per share due to strong investor demand, raising total gross proceeds of C$6,210,000.
The proceeds from the offering will be used by the Company to incur (or be deemed to incur) eligible resource exploration expenses that will qualify as "Canadian exploration expenses," of which at least 90.34% will be "flow-through critical mineral mining expenditures," up to 9.66% will be "flow-through mining expenditures," and "qualified Ontario critical mineral exploration expenditures" or "qualified Ontario exploration expenditures." The Company will incur eligible expenditures not less than the total gross proceeds of the offering by no later than December 31, 2027, and will renounce such expenditures to the initial purchasers of the flow-through shares effective no later than December 31, 2026.
Pursuant to applicable Canadian securities laws, the flow-through shares are subject to a hold period of four months and one day from the date of issuance. The offering is subject to final approval from the TSX Venture Exchange.
Regarding the previously announced extension of the maturity date of the C$32 million loan facility with Auramet International, Inc., the interest rate under the facility has been amended to 15% per annum.
Canada Nickel Company Inc. is advancing the next generation of nickel sulfide projects to supply nickel for the high-growth electric vehicle and stainless steel markets. The Company has applied to register the trademarks NetZero Nickel, NetZero Cobalt, and NetZero Iron in multiple jurisdictions and is developing processes to enable the production of net-zero carbon nickel, cobalt, and iron products. The Company is currently anchored by its 100%-owned flagship project—the Crawford Nickel-Cobalt Sulfide Project, located in the heart of the resource-rich Timmins-Cochrane nickel mining district.
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