Canada Nickel has entered into a Subscription Agreement with Samsung involving an investment of US$18.5 million into Canada Nickel. The investment is priced at C$1.57 per Common Share. Following the completion of this private placement, Samsung SDI will own approximately 15.6 million shares, representing about 8.7% of Canada Nickel’s issued and outstanding shares on a non-diluted basis.
In addition to the equity investment, Samsung SDI has been granted the right to purchase a 10% equity interest in the Crawford project for US$100.5 million, contingent upon a final construction decision. Samsung SDI will also acquire certain offtake rights to nickel-cobalt products from the Crawford project, subject to the completion of the 10% equity investment.
CEO’s Statement on the Partnership
Mark Selby, CEO of Canada Nickel, expressed satisfaction with Samsung SDI’s investment and partnership. He emphasized the significance of Canada Nickel’s Crawford Nickel Sulphide Project in the electric vehicle supply chain in North America and Europe. He highlighted Samsung SDI’s role as a key player in the electric vehicle battery market and its alignment with Canada Nickel’s vision for net-zero carbon nickel production.