Canada Nickel Shares Rise on $18.5 Million Samsung SDI Investment
By Adriano Marchese
Canadian nickel-sulphide company Canada Nickel shares climbed Friday morning after the company said that Samsung SDI has invested $18.5 million to acquire a nearly 9% stake in the company.
Shares gained 2.5% to 1.62 Canadian dollars ($1.21) at 10:01 a.m. ET, from an earlier high of C$1.77.
The company entered into a subscription agreement for South Korean battery and electronic materials manufacturer Samsung SDI to acquire about 15.6 million shares in the company, giving it an 8.7% interest in the company at C$1.57 a share.
Additionally, Samsung SDI will receive the right to purchase a 10% equity in Canada Nickel's production coming out of the Crawford project in Timmins, Ontario.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
January 12, 2024 10:21 ET (15:21 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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