TORONTO - FIRST NICKEL and JAGUAR NICKEL have agreed to combine to create a company that will continue to do business under the First Nickel name. First Nickel shareholders will benefit from a $30-million cash injection from Jaguar, and Jaguar stock holders will become investors in a nickel producer.
First Nickel has reopened the old Lockerby mine near Sudbury, Ont. Its Premiere Ridge project in the same area is at the feasibility stage. It has three exploration projects near Sudbury and two more near Timmins, Ont.
Jaguar recently sold a subsidiary and deposit in Guatemala to BHP BILLITON for $19 million. At the same time it entered into an exploration alliance covering properties in Canada, Alaska, the U.S. and Greenland with the larger company.
First Nickel will issue one of its common shares for each of 3.5 Jaguar common shares held. Jaguar options will be exchanged for equivalent First Nickel options. At the completion of the deal, Jaguar will become a wholly owned subsidiary of First Nickel, under the management of the current First Nickel team. The board of directors will consist of the five current First Nickel directors and two additional directors nominated by Jaguar shareholders.
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