Daily News: March 16, 2015

First Nickel Completes Debt Refinancing


First Nickel (FNI) announced that its previously announced transaction to refinance all of the corporation’s outstanding debt obligations became effective March 12, 2015.

The debt refinancing included the issuance of 624,150,000 common shares to Resource Capital Fund IV in full satisfaction of FNI’s outstanding obligations under the $10 million convertible loan facility with RCF IV, an increase in the principal amount of the term loan with Resource Capital Fund V to $15.5 million, an increase in the principal amount of the term loan with West Face Long Term Opportunities Global Master to $12.5 million as well as the extension of the maturity date of the RCF V loan and the West Face loan to December 30, 2016.

Certain proceeds from the RCF V loan and the West Face loan were used to pay out the outstanding balance under the $18 million revolving credit facility with The Bank of Nova Scotia, which was subsequently terminated.