First Nickel Announces $2 Million Flow-Through PriWhat effect does the following placement have on the stock price?
Press release from Marketwire
First Nickel Announces $2 Million Flow-Through Private Placement
Wednesday, May 18, 2011
TORONTO, ONTARIO--(Marketwire - May 18, 2011) - First Nickel Inc. ("First Nickel" or the "Company") (TSX:FNI) announces that it proposes to complete a private placement offering (the "Offering")of up to $2,000,000 through the issuance of common shares of theCompany issued on a flow-through basis at a price of
.18 per share.The Company has entered into an agreement with Pope & CompanyLimited (the "Finder") to act as a finder with respect to the Offering.
The net proceeds of the Offering will be used forfunding of the Company's exploration programs. The Company has agreed topay a 7% cash fee to the Finder and issue to the Finder that number ofcommon share purchase warrants (the "Finder's Warrants")equal to 7% of the number of shares issued in the Offering tosubscribers introduced to the Company by the Finder. Each Finder'sWarrant will be exercisable into one common share of the Company at aprice of
.18 per share for a period of 24 months following closing.
Subject to the approval of the Toronto Stock Exchange, the Company anticipates completing the Offering on or about May 31, 2011.