TORONTO, Jan. 7, 2025
/CNW/ - Canada Nickel Company Inc. ("Canada Nickel" or the
"Company") (TSXV: CNC) (OTCQB: CNIKF) is pleased to
announce the signing of two definitive agreements on January 6, 2025 – the previously announced
transaction with Noble Mineral Exploration ("Noble") (see
July 8, 2024 news release) and a
definitive agreement with the primary surface rights holder
("Surface Rights Holder") in Crawford and surrounding townships to
secure access to 32,000 acres of surface rights required to build
the Crawford Nickel Sulphide project ("Crawford").
Mark Selby, CEO said, "Today's
announcements secure access to 32,000 acres of surface rights and
is another critical step for the Company as we complete our
permitting and move toward a construction decision on Crawford in
2025. As part of the surface rights agreement, the Company will
transfer 47,750 acres of mining rights in Kingsmill and Mabee
townships—where no known exploration targets exist—to the Surface
Rights Holder. This transfer aims to create future certainty over a
substantial area of land, facilitating the effective development of
sustainable forestry and wildlife habitat preservation. We are
proud of our progress in unlocking the potential of the Crawford
project and the Timmins Nickel District, building a future that
benefits the environment and supports future generations."
ExploreCo Subsidiary Formation and Consolidation
Transaction
Per the prior news release on July 8,
2024, Canada Nickel and Noble have now entered into a
definitive agreement whereby Canada Nickel and Noble will
contribute certain mining properties, including the existing Mann
joint venture, into a new private company ("ExploreCo") to
consolidate their respective interests in the portfolio of nickel
projects northeast of Timmins,
Ontario. As part of the transaction, Canada Nickel will
consolidate ownership of the mining rights and access to the
surface rights for certain key patents in Aubin, Crawford,
Carnegie, Dargavel, Kidd, Lennox, Lucas, Nesbitt, Prosser, and Wark townships currently
held by Noble, which facilitates and simplifies future development
of Crawford and other nearby regional properties held by Canada
Nickel.
The transaction and formal formation of ExploreCo is expected to
close by January 31, 2025 and is
subject to any required approvals of the TSX Venture Exchange (the
"TSXV").
Surface Rights Transaction
Canada Nickel has entered into a definitive agreement with the
Surface Rights Holder (the "Surface Rights Transaction") for an
option to acquire 32,000 acres of surface rights in Crawford and
surrounding townships. As part of the transaction,
Canada Nickel has agreed to issue 5.5 million shares and will
transfer mining rights (not required for any exploration target) to
approximately 47,750 acres in Kingsmill and Mabee townships.
The Surface Rights Transaction is subject to the approval of the
TSXV. Additional consideration will be paid to exercise
the option on a construction decision. The Company has the
right to exercise the option by December 31,
2026 and can extend the option annually up to a further five
years for an additional payment for each extension. The
Surface Rights Holder has asked that all other terms remain
confidential. The additional consideration to acquire the surface
rights is not material in the context of the overall Crawford
project capital cost and the extension payment is also not
material.
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.
