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Canada Nickel Announces Receipt of Support Letter for up to $500 million from Leading Financial Institution
Canada Nickel Announces Receipt of Support Letter for up to $500 million from Leading Financial I...
About this update from Canada Nickel Company Inc
[{"type":"text","content":"\n\n\n\n Canada Nickel Announces Receipt of Support Letter for up to $500 million from Leading Financial Institution\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n Additional milestone in securing project financing for the Crawford Nickel Sulphide Project\n \n\n\n\n\n TORONTO\n \n\n ,\n \n\n Sept. 12, 2024\n \n\n /CNW/ - Canada Nickel Company Inc. (\"\n \n Canada Nickel\n \n \" or the \"\n \n Company\n \n \") (TSXV: CNC) (OTCQX: CNIKF) today announced receipt on\n \n September 11, 2024\n \n of a support letter from a leading financial institution stating its interest in providing long term debt financing of up to\n \n C$500 million\n \n (approximately\n \n US$370 million\n \n ) of project debt, for development of the Crawford Nickel sulphide project in\n \n Timmins, Ontario\n \n . 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 incremental to that received last week from Export Development Canada.  Combined these letters of interest amount to approximately\n \n US$870m\n \n of senior debt – a substantial portion of the Company's intended senior debt target.\n \n\n\n\n\n\n\n\n\n\n Mark Selby\n \n , 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\n \n US$500 million\n \n letter of interest from Export Development Canada, along with the refundable critical minerals and carbon capture and storage tax credits in excess of\n \n US$600 million\n \n 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.\"\n \n\n\n...