First Nickel completes US$10 million convertible working capital facility financing

On July 23, 2009, First Nickel Inc. announced that it had completed its financing with Resource Capital Fund IV L.P. for a US$10 million convertible working capital facility maturing on December 31, 2013. Proceeds will be used as working capital, for general corporate purposes and to begin incremental capital projects at the Lockerby Mine that will expedite launch of the full capital development program when full financing for the project is arranged. First Nickel was advised in this transaction by a team from Fasken Martineau that included Michael Bourassa, Nancy Eastman and Alex Nikolic (corporate); David Johnson and Jared Gordon (banking); and Steve Blimkie and Dugan Edmison (real estate), with the assistance of real property law clerk Linda Caldwell.