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First Nickel Inc (TSX:FNI) announced that the company’s restructuring of all existing indebtedness has taken effect today, and this includes an increase of its revolving credit facility with Nova Scotia Bank to $15million and the extension of its maturity date to March 2015.
First Nickel Inc (TSX:FNI) announced that the company’s restructuring of all existing indebtedness has taken effect today, and this includes an increase of its revolving credit facility with Nova Scotia Bank to $15million and the extension of its maturity date to March 2015.
As quoted in the press release:
Under the applicable Toronto Stock Exchange (“TSX”) rules, the Refinancing would have normally required independent shareholder approval, which would have entailed a 50 – 60 day process. As the Company’s liquidity needs did not allow sufficient time to conduct a shareholder vote, FNI applied to the TSX for an exemption from the shareholder approval requirement on the basis that the Company was in serious financial difficulty. Relying on this exemption automatically initiated a de-listing review by the TSX. The Company is confident that it will be in compliance with all of the TSX continued listing requirements upon conclusion of the delisting review.
Click here to read the full First Nickel Inc (TSX:FNI) press release.
