News in!First Nickel Completes US$10 Million Convertible Working Capital Facility Financing
TORONTO, ONTARIO, Jul 23, 2009 (MARKETWIRE via COMTEX News Network) --
Furtherto First Nickel Inc.'s ("First Nickel" or the "Company") (TSX: FNI)press releases of June 16, 2009 and June 19, 2009, the Company ispleased to announce that it has completed its financing with ResourceCapital Fund IV L.P. ("RCF IV") for a US$10 million convertible workingcapital facility maturing on December 31, 2013 (the "Facility"). Theproceeds of the Facility will be used as working capital, for generalcorporate purposes and to begin incremental capital projects at theLockerby Mine that will expedite launch of the full capital developmentprogram when full financing for the project is arranged.
About RCF
RCFIV is one of several successive private equity funds with mandates tomake investments in mining companies and projects across a diversifiedrange of commodities and geographic regions. Since inception in 1998,the Resource Capital Funds have invested in 80 companies with projectsin 35 countries relating to in excess of 20 different commodities. Withapproximately US$1 billion under management, the Funds are long terminvestors that invest throughout the commodity cycle and havefacilitated the development of a number of junior and mid-tiercompanies and assets that are recognized in the marketplace.
About First Nickel
FirstNickel is a Canadian mining and exploration Company. Its currentactivities are primarily focused on the Sudbury Basin in northernOntario, the location of the company's redevelopment stage property(the Lockerby Mine) and two of its exploration properties. First Nickelalso has exploration properties in the Timmins region of northernOntario and the Belmont region of Eastern Ontario. First Nickel'sshares are traded on the TSX under the symbol FNI.
Some of thestatements contained in this press release are forward-lookingstatements, such as statements that describe First Nickel's futureplans, intentions, objectives or goals, and specifically include butare not limited to completion of the proposed Facility, maintainingoperating and exploration teams, continued care and maintenance of theLockerby Mine; and the launch of the full development program onLockerby Depth project. In certain cases, forward-looking statementscan be identified by the use of words such as "expects", "will","enable", "anticipates", "estimated" or words of similar effect. Sinceforward-looking statements are not statements of historical fact andaddress future events, conditions and expectations, forward-lookingstatements inherently involve unknown risks, uncertainties, assumptionsand other factors well beyond the Company's ability to control orpredict. Actual results and developments may differ materially fromthose contemplated by such forward-looking statements depending on,among others, such key factors as negotiating and entering intodefinitive agreements for the Facility, completion of the Facility,fluctuating metal prices, and other factors described in the Company'sAnnual Information Form under the heading "Risk Factors" which has beenfiled electronically by means of the System for Electronic DocumentAnalysis and Retrieval ("SEDAR") located at www.sedar.com. Theforward-looking statements included in this document represent FirstNickel's views as of the date of this document and subsequent eventsand developments may cause First Nickel's views to change. Theseforward-looking statements should not be relied upon as representingFirst Nickel's views as of any date subsequent to the date of thisdocument. Although First Nickel has attempted to identify importantfactors that could cause actual actions, events or results to differmaterially from those described in forward-looking statements, theremay be other factors that cause actions, events or results not to be asanticipated, estimated or intended. Accordingly, readers should notplace undue reliance on any forward-looking statements.
Contacts: First Nickel Inc. William Anderson President & CEO (416)362-7050 (416) 362-9050 (FAX) wanderson@firstnickel.com
SOURCE: First Nickel Inc.
mailto:wanderson@firstnickel.com
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