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First Nickel announces $2-million flow-through private placement

First Nickel will raise capital for its Sudbury-area exploration programs by completing a private placement offering of up to $2 million, with common shares issued on a flow-through basis at 18 cents a share.
Northern Ontario Business Staff

First Nickel will raise capital for its Sudbury-area exploration programs by completing a private placement offering of up to $2 million, with common shares issued on a flow-through basis at 18 cents a share.

The company has entered into an agreement with Pope & Company Limited to act as a finder. Subject to the approval of the Toronto Stock Exchange, the company anticipates completing the offering on or about May 31.

First Nickel plans to resume production at Lockerby Mine in Sudbury, aiming to produce 10 million pounds of nickel and seven million pounds of copper per year by mid-2012.