Timmins mine builder Canada Nickel has netted $19.4 million to advance its proposed Crawford nickel sulphide project, north of the city.
The Toronto company’s newest fundraising effort involves a $13-million private placement and $4.5 million in flow-through shares, the latter to be used for exploration purposes. Agnico Eagle is planning a $1.87-million investment to preserve its 10.1 per cent stake in the company.
In a June 26 news release, Canada Nickel said it plans to use the proceeds from the brokered offering to advance Crawford, plus for working capital and general corporate purposes.
Canada Nickel management expects a key federal permit for Crawford this fall, after which it will make a construction decision to build the $2-billion open-pit mine and all the related infrastructure.
Crawford is a low-grade, big tonnage open-pit mine proposal, 40 kilometres north of Timmins, with an estimated 41-year mine life. It contains 9.7 million tonnes of measured, indicated and inferred resources.
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