First Nickel Monetizes Hedge Positions

First Nickel Inc. (TSX:FNI) reported it closed out the hedge position of 15 million pounds of nickel.

The press release is quoted as saying,

The Company will receive net cash proceeds of approximately US$35 million as a result of this transaction. The proceeds will be used to fund the remaining costs to complete the Lockerby project and for general corporate purposes. The Company no longer plans to utilize the project debt facility to fund Lockerby Mine costs and availability under the facility has been reduced to a nominal amount.

For the complete press release, click here.