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First Nation investing $20 million in Canada Nickel project, says Globe report
Taykwa Tagamou Nation reportedly buying convertible notes in Canada Nickel
Canada Nickel Crawford drill core 4
(Canada Nickel photo)
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The Globe and Mail is reporting that Taykwa Tagamou Nation, a northeastern Ontario Indigenous community near Cochrane, is investing $20 million to buy into Canada Nickel, a would-be mine developer with a district-scale project north of Timmins.
The newspaper cites two unnamed sources. Canada Nickel and Taykwa Tagamou Nation (TTN) reportedly declined comment.
According to the Globe, TTN’s investment is to buy convertible notes in the Toronto-based nickel company that are convertible to common shares. If converted, TTN would have an 8.3 per cent equity stake in the company. The First Nation would also secure a seat on the company’s board of directors.
Official word of this transaction will be announced Monday.
Canada Nickel’s main Crawford project is a low-grade, bulk tonnage nickel deposit, 40 kilometres north of Timmins. The company anticipates the start of construction in 2026 with first production by the end of 2027. The expected mine life is 41 years. If it comes to fruition, Canada Nickel said Crawford would be the third largest nickel sulphide project in the world.
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