TORONTO, Dec. 30,
2024 /CNW/ - Canada Nickel Company Inc. ("Canada
Nickel" or the "Company") (TSXV: CNC) (OTCQB:
CNIKF) is pleased to announce the completion of a non-brokered
private placement of an aggregate of 3,480,000 common shares
of the Company that will qualify as "flow-through shares" (as
defined in subsection 66(15) of the Income Tax Act
(Canada)) (the
"FT Shares"), at an issue price of C$1.15 per FT Share, for aggregate proceeds of
C$4,002,000 (the
"Offering").
Mark Selby, CEO said, "After a
highly successful exploration program in 2024, this financing
allows us to continue to build on this success through the first
half of 2025 as we continue to demonstrate the potential of the
Timmins Nickel District, including upgrading the initial mineral
resources we have published for both Reid and Deloro and
building on this year's high grade discovery at Bannockburn.
We look forward to publishing a total of eight mineral resources
for our Timmins Nickel District properties by mid-2025."
The gross 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 (i) "Canadian Exploration
expenses" (as defined in the Income Tax Act (Canada)), (ii) "flow-through critical
mineral mining expenditures" (as defined in subsection 127(9) of
the Income Tax Act (Canada)) (collectively, the
"Qualifying Expenditures"), and (iii) "eligible
Ontario critical mineral
exploration expenditures" within the meaning of subsection 103(4.1)
of the Taxation Act, 2007 (Ontario). Qualifying Expenditures in an
aggregate amount not less than the gross proceeds raised from the
issuance of the FT Shares will be incurred (or deemed to be
incurred) by the Company on or before December 31, 2025, and will be renounced by the
Company to the initial purchasers of the Flow-Through Shares with
an effective date no later than December 31, 2024.
All securities issued under the Offering will be subject to a
hold period expiring four months and one day from the closing date
of the Offering in accordance with applicable Canadian securities
laws.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities
Act"), or any state securities laws and may not be offered or
sold within the United States or
to or for the account or benefit of a U.S. person (as defined in
Regulation S under the U.S. Securities Act) unless registered under
the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
About Canada Nickel
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 100% owned flagship Crawford
Nickel-Cobalt 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: 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. 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.