First Nickel Completes $5 Million Private Placement

First Nickel Inc. (TSX:FNI) reports it has completed its private placement of 31,873,750 units at a price of $0.16 per unit for gross proceeds of $5,099,800.

The press release is quoted as saying,

Resource Capital Fund IV L.P. and Resource Capital Fund V L.P. (collectively, “RCF”), which prior to the closing of the Offering directly or indirectly beneficially owned, or exercised control or direction over, 106,127,548 Common Shares, representing approximately 22.5% of the issued and outstanding Common Shares, acquired 11,388,100 Units under the Offering. In addition, West Face Long Term Opportunities Global Master L.P., a fund advised by West Face Capital Inc. (together “West Face”) which prior to the closing of the Offering directly or indirectly beneficially owned, or exercised control or direction over, 91,000,000 Common Shares, representing approximately 19.3% of the issued and outstanding Common Shares, acquired 12,841,900 Units under the Offering. A further 673,750 Units were purchased under the Offering by directors of the Company (such directors, together with RCF and West Face, being the “Direct Purchasers”).

For the complete press release, click here.