Canada Nickel recently announced receipt on September 11, 2024 of 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. This support letter is incremental to that 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 substantial step towards advancing our financing package for Crawford. With last week's previously announced 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 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."
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.