CNC NEWS UPDATE AURAMET INTERNATIONAL Clarification to News Release Dated December 18, 2023
Canada Nickel also makes a clarification to its news release entitled "Canada Nickel Provides Financing Update" issued on December 18, 2023 (the "Initial News Release").
The Initial News Release stated the 350,000 common share purchase warrants (the "Extension Warrants") issued as part of the terms to extend the US$12 million loan facility with Auramet International, Inc. had a one-year term. For clarification, the Company agreed to issue, subject to the approval of the TSX Venture Exchange, 350,000 Extension Warrants for a nine month term, with the Extension Warrants expiring on September 18, 2024. This clarification does not change the other terms related to the extension of the loan facility or any other information reported in the Initial News Release.
The warrants and the underlying shares will be subject to a four month hold period under applicable Canadian securities lawsCanada Nickel promissory note extension
UPDATE
2024-01-04 16:21 ET - Miscellaneous
Further to the TSX Venture Exchange bulletin dated Sept. 25, 2023, the exchange has accepted for filing a proposed amendment dated Dec. 15, 2023, to a promissory note dated Sept. 18, 2023, issued to Auramet International Inc. (the lender), whereby the new maturity date is extended until Jan. 18, 2024. In connection with the extension of the maturity, the company is required to pay the lender $185,519.00 (U.S.) extension fee (1.5 per cent of the repayment amount) and the interest rate is increased to 15 per cent per month commencing Dec. 18, 2023.
Furthermore, the exchange has approved the issuance of 350,000 bonus warrants to the lender, each exercisable into one common share at $1.19 per share until Sept. 18, 2024, as part of the amendment.
For more information, please refer to the company's news releases dated Sept. 6, 2023, Sept. 18, 2023, Dec. 18, 2023, and Jan. 2, 2024