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First Nickel to seek $4.5 million for exploration expenditures

To help further its various exploration projects, First Nickel is looking to go to the market to help raise $4.5 million.
Northern Ontario Business Staff

To help further its various exploration projects, First Nickel is looking to go to the market to help raise $4.5 million.

Subject to regulatory approval, the company will see a private placement of up to 15,000,000 flow-through common shares at a price of $0.30 apiece. This would generate aggregate gross proceeds of $4.5 million.

The funding will allow the company to expand its exploration programs, including work on its Sudbury interests. The company will instead use the cash from its operations to reduce costs, improve efficiencies and add to resources at its Lockerby Mine.