07:41 AM EDT, 09/06/2024 (MT Newswires) -- Canada Nickel ( CNIKF ) on Friday said it received a letter of interest (LOI) from Export Development Canada (EDC) with an offer to provide US$500 million in financing to develop the Crawford Nickel Sulphide Project in Timmins, Ontario.

The LOI is in addition to the refundable critical minerals and carbon capture & storage tax credits of over US$600 million that the company expects to qualify for the initial phase of Crawford's development, Canada Nickel ( CNIKF ) said.

"We are very pleased with the LOI as it marks an important milestone towards securing a full financing package for Crawford," said CEO Mark Selby. "We look forward to working closely with EDC to complete the due diligence and negotiation process to secure this funding."