ONTARIO INDEPENDENT NICKEL of Sudbury has agreed to the terms of a $14-million financing with one of the private companies in Vancouver's HUNTER DICKINSON GROUP. Hunter Dickinson will subscribe for 40 million units of Independent Nickel at $0.35 per unit. Each unit will consist of one common share of Independent Nickel and one warrant. Each warrant will entitle the holder to acquire one common share of Independent Nickel for $0.45 in the first year and $0.50 in the second year following the date of the closing of the financing.
The proceeds of the financing will be used to advance feasibility and other studies on Independent Nickel's Lynn Lake nickel property in northern Manitoba. The former Lynn Lake mine was operated by Sherritt-Gordon from 1953 to 1976. The property was believed to contain 5.22 million tonnes of unmined mineralization averaging 0.80% Ni and 0.32% Cu when it closed. Work done by Independent Nickel has already expanded that tonnage to a 43-101-compliant 10.7 million tonnes grading 0.65% Ni and 0.36% Cu.
Work is now underway on a full feasibility study of the Lynn Lake project. See also www.IndependentNickel.com.
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