Canada Nickel Company Inc. has received a Letter of Interest from Export Development Canada, stating its interest in providing long term debt financing of up to $500m of project debt, as Mandated Lead Arranger, for development of the Crawford Nickel Sulphide Project in Timmins, Ontario.
EDC could consider a debt tenor of up to eighteen years, subject to certain conditions. EDC’s participation in the Project financing is subject to the successful completion of its rigorous due diligence process, according to a news release.
Mark Selby, CEO of Canada Nickel, said, “We are very pleased with the LOI as it marks an important milestone towards securing a full financing package for Crawford. We look forward to working closely with EDC to complete the due diligence and negotiation process to secure this funding. The LOI, along with the refundable critical minerals and carbon capture & storage tax credits in excess of US$600 million that the Company expects to qualify for the initial phase of Crawford’s development, demonstrates the significant commitment of the federal government to support this critical project as a high priority. Additionally, we continue to make good progress 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.”
