Canada Nickel Receives $18.5 Million Investment from Samsung SDI for 8.7% Stake
By Adriano Marchese
Canada Nickel said Friday that South Korean battery and electronic materials manufacturer Samsung SDI has invested $18.5 million to acquire a nearly 9% stake in the company.
The Canadian nickel-sulphide company said it entered into a subscription agreement for Samsung SDI to acquire about 15.6 million shares in the company, giving it an 8.7% shareholding in the company.
Samsung SDI is acquiring the shares at a price of 1.57 Canadian dollars ($1.17) apiece.
Canada Nickel shares are up nearly 39% so far in 2023, but down 15% over the last 52 weeks, closing on Thursday at C$1.58.
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.
Samsung SDI manufactures rechargeable batteries for the IT industry, automobiles, and energy storage systems, as well as materials used to produce semiconductors and displays.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
January 12, 2024 07:25 ET (12:25 GMT)
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