11:38 AM EDT, 05/27/2025 (MT Newswires) -- Canada Nickel Company ( CNIKF ) on Tuesday closed a $20 million convertible note with Taykwa Tagamou Nation (TTN), first announced last December. The investment marks the largest known direct equity investment by a First Nation in a Canadian critical minerals company to date, a statement said.

The note will have a five-year term from closing. It provides TTN with the right to convert into 16.67 million common shares (at a conversion price of $1.20 per share), representing an 7.9% equity interest in the company (based on Canada Nickel's ( CNIKF ) current issued and outstanding share capital of 193,590,725 common shares). TTN will also have a right to one seat on the company's Board of Directors for so long as it holds the Convertible Note or, after conversion, at least 7.9% of the company's shares.

TTN is already a development partner in both the Crawford Nickel Sulphide Project and associated infrastructure, Canada Nickel ( CNIKF ) noted.

The company's shares were last seen down $0.01, to $0.89, on the TSX Venture Exchange.

Price: 0.89, Change: -0.01, Percent Change: -1.11