Published on 6/16/2009 in the Prospect News PIPE Daily.
New Issue: First Nickel negotiates $10 million convertible working capital loan
By Devika Patel
Knoxville, Tenn., June 16 - First Nickel Inc. said it has arranged a $10 million convertible working capital facility with Resource Capital Fund IV LP.
The 8% facility due Dec. 31, 2013 is convertible into 107,054,546 common shares at C$0.11 per share.
Proceeds will be used for working capital.
First Nickel is a mining and exploration company based in Toronto.
| Issuer: | First Nickel Inc.
|
| Issue: | Working capital facility
|
| Amount: | $10 million
|
| Maturity: | Dec. 31, 2013
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | C$0.11
|
| Conversion ratio: | Into 107,054,546 common shares
|
| Warrants: | No
|
| Investor: | Resource Capital Fund IV LP
|
| Pricing date: | June 16
|
| Stock symbol: | Toronto: FNI
|
| Stock price: | C$0.16 at close June 16
|
| Market capitalization: | C$24.9 million
|
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