Canada Nickel (TSXV: CNC) said today that Samsung SDI will make a US$18.5 million equity investment in the company.
Canada Nickel is advancing its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the Timmins-Cochrane mining camp. Last month Agnico Eagle invested US$23.12 million in Canada Nickel.
After its investment Samsung SDI will acquire 15.6 million shares of Canada Nickel and become an 8.7% shareholder.
Samsung SDI will be granted the right to purchase a 10% equity interest in the Crawford project for US$100.5 million upon a final construction decision. Samsung SDI will be granted certain offtake rights to the Crawford project's nickel-cobalt products subject to the completion of the 10% equity investment in the Crawford project.
Canada Nickel was up 5% to C$1.66 a share.
