Class 1 Nickel and Technologies Limited announced that it has completed a non-brokered private placement of convertible debentures in the aggregate principal amount of CAD 500,000 on December 23, 2022. The transaction included participation from President of the company, David Fitch. The debentures have a three-year term and bear an interest rate of 2% per annum.

The principal amount owing under the debentures shall be convertible at the option of the holder thereof into common shares of the company at a deemed price of CAD 0.11 per subject share. The debentures and underlying securities are subject to a statutory hold period expiring on April 24, 2023.