First Nickel closes $17 million financing

On May 4, 2007, First Nickel Inc. announced that it had closed its previously announced $17,250,000 private placement.

A syndicate of underwriters led by Desjardins Securities Inc. and including MGI Securities Inc., Paradigm Capital Inc., and Raymond James Ltd. brokered the subscription of 15 million common shares, including the Underwriters' option, at a price of $1.15 per common share.

The net proceeds of the private placement will be used to repay Series A Debentures which mature on June 1, 2007 and for general working capital purposes.

Fasken Martineau advised First Nickel in this financing with a team comprised of Nancy Eastman, Michael Bourassa and Catherine Fraser (securities/mining), and Steve Blimkie (real estate).