First Nickel Enters Receivership

First Nickel Inc. (TSX:FNI) announced that it has gone into receivership. The Ontario Superior Court of Justice has made an order appointing KSV Kofman Inc. its receiver under Canada’s Bankruptcy and Insolvency Act.
As quoted in the press release:

The appointment of KSV follows extensive discussions between the Corporation and its secured lenders. As a result of the appointment of the Receiver, all of the directors of First Nickel have resigned and Mr. Boehlert has also resigned as President and Chief Executive Officer. All members of management of the Corporation have agreed to remain available to assist the Receiver.

Click here to read the full First Nickel Inc. (TSX:FNI) press release.