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First Nickel continues to raise money for Sudbury mine

On the heels of a recently announced $30-million project facility loan, Sudbury's First Nickel Inc. has secured another $5 million. The money was obtained from private equity fund Resource Capital Fund IV L.P. as a bridge loan facility.
Northern Ontario Business Staff

On the heels of a recently announced $30-million project facility loan, Sudbury's First Nickel Inc. has secured another $5 million.

The money was obtained from private equity fund Resource Capital Fund IV L.P. as a bridge loan facility.

The full total has been drawn down and will be used to begin capital development at the mothballed Lockerby Mine. This includes detailed engineering and other related work to allow for the main development program to smoothly begin once full financing has been lined up.

“This is another significant step forward in structuring the financing of our Lockerby Depth Project, and is also a vote of confidence from our biggest stakeholder in both the project and the management team,” said William Anderson, president and CEO, in a release.