First Nickel Inc. FNKLF

Metals & Mining Industrial Metals & Minerals

"First Nickel Inc was incorporated as 2035666 Ontario Inc., under the laws of the Province of Ontario on November 12, 2003. The Company is a Canadian mining company focused on becoming a mid-tier base metal producer through the successful mining, exploration, development and acquisition of opportunities throughout North America."

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First Nickel Inc.

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Comment by mcuglyon Sep 02, 2011 5:00pm

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Post# 19008471

RE: Not sure if anyone was aware

From their July 25th news release:

First Nickel Inc. ("First Nickel" or the "Company") (TSX:FNI) is pleased to announce that it has completed forward sales arrangements for 15 million pounds of nickel, at an average contract price of US$10.37, and 12 million pounds of copper, at an average contract price of US$4.11, each of which are apportioned equally between Societe Generale and Commonwealth Bank of Australia. The sales are pro-rated over the four year life of the project debt facility previously announced with the lenders.

The hedging programs are required to be in place to allow the Company to draw from the $30 million debt facility. Combined with the funds received from the recently closed private placement, the Company has now satisfied all the conditions precedent for drawdown, with the exception of a CAD$/US$ exchange rate hedge which is in the process of being implemented.

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