Class 1 Nickel and Technologies Limited announced a non-brokered private placement of convertible debentures for gross proceeds of CAD 500,000 on January 9, 2023. The transaction included participation from David Fitch, president of the company purchasing all the debentures. 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 0.12 per subject share, all in accordance with the terms and conditions of the certificates evidencing the debentures. The debentures and underlying securities subject shares are subject to a statutory hold period expiring on May 10, 2023.