Class 1 Nickel and Technologies Limited announced a non-brokered private placement of convertible debentures in the aggregate principal amount of CAD 1,000,000 on December 25, 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 9,523,809 common shares common shares of the company at a deemed price of CAD 0.105 per subject share. The debentures and underlying securities are subject to a statutory hold period expiring on April 6, 2023.