04:59 PM EST, 12/13/2024 (MT Newswires) -- Canada Nickel Co. ( CNIKF ) has landed a strategic investment from Taykwa Tagamou Nation, believed to be first Indigenous funding into the Canadian critical minerals industry, two sources familiar with the matter said, The Globe and Mail is reporting Friday.

It said Taykwa Tagamou Nation, a Cree First Nation in the Cochrane district of northern Ontario, is paying $20-million to buy convertible notes in Canada Nickel ( CNIKF ). The securities will pay an annual interest rate of 4.75% over five years, and are convertible to common shares. If converted, the Indigenous group would own an 8.3% equity stake in the nickel development company.

It added Taykwa Tagamou Nation will also earn a seat on Canada Nickel's ( CNIKF ) board. That will give the Indigenous group an important voice around the development of the project, with the environmental footprint of the mine top-of-mind.

The transaction is set to be announced on Monday.

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