First Nickel Inc.

Published : March 02nd, 2015

Leading Independent Advisory Firms ISS and Glass Lewis Recommend Shareholders of First Nickel Inc. Vote FOR the Debt Refinancing and Share Consolidation

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Keywords :   Copper | Debt | Nickel | Sudbury Basin |

Leading Independent Advisory Firms ISS and Glass Lewis Recommend Shareholders of First Nickel Inc. Vote FOR the Debt Refinancing and Share Consolidation

TORONTO, ONTARIO--(Marketwired - Mar 2, 2015) - First Nickel Inc. ("First Nickel", "FNI" or the "Company") (FNI.TO) is pleased to announce that both Institutional Shareholder Services ("ISS") and Glass Lewis and Co. ("Glass Lewis") have recommended that shareholders of First Nickel vote FOR the Debt Refinancing and Share Consolidation at First Nickel's Special Meeting of Shareholders scheduled to be held on March 11, 2015 at 10:00 a.m. (Toronto time).

Both Glass Lewis and ISS are independent proxy advisory firms that provide proxy voting and corporate governance advice to institutional investors around the world.

The ISS endorsement noted that "a vote FOR is warranted as the need for financing is genuine since the Debt Refinancing would enable the company to avoid a default on its current debt obligations, and as a result of the proposed transaction company's shareholders might benefit from potential future upside developments."

Glass Lewis found that the motivation behind the proposed refinancing appears to be fairly straightforward. The refinancing should also improve First Nickel's liquidity and financial position, as US$10.0 million of First Nickel's immediate outstanding debt will be extinguished. In addition, Glass Lewis believes that reducing the number of shares outstanding by way of a reverse stock split should generally result in a proportional increase to the per share price of First Nickel's common stock. A higher share price may help increase investor interest, attract and retain employees and improve First Nickel's ability to raise additional capital through equity offerings.

First Nickel's President & CEO, Thomas M. Boehlert said, "This transaction is intended to reduce debt to a reasonable level and align the maturity of the remaining debt with the cash flow potential of the Lockerby mine. The refinancing combined with the recently implemented cost reductions at Lockerby and the ability to materially reduce the number of shares outstanding significantly improves the outlook for the Company."

Shareholders are urged to vote FOR the Debt Refinancing and Share Consolidation prior to the proxy cut-off at 4:00 p.m. (Toronto time) on March 9, 2015.

If you have any questions or need assistance in voting your form of proxy or voting instruction form, please contact Kingsdale Shareholder Services, at 1-888-683-6007 (toll-free in North America), or 416-867-2272 (collect calls accepted) outside North America or by email at:

contactus@kingsdaleshareholder.com.

About First Nickel

FNI is a Canadian mining and exploration company. FNI's mission is to be the most dynamic North American emerging base metal mining company in which to work and invest and to be respected in the communities in which it operates. FNI owns and operates the Lockerby Mine in the Sudbury Basin in northern Ontario, which reached full production during 2013 and is expected to produce approximately 13 million pounds of contained nickel and approximately 7 million pounds of contained copper in 2015, providing a foundation from which to grow the Corporation.

Forward-Looking Information

Certain statements contained in this news release may contain forward-looking information about the Corporation. Forward-looking information can often be identified by the use of forward-looking terminology such as "anticipate", "believe", "continue", "budget", "forecast", "estimate", "schedule", "expect", "goal", "intend", "target", "potential", "objective", "may", "plan" or "will" or the negative thereof or variations thereon or similar terminology. Forward-looking information may include, but is not limited to: the realization of value through the Lockerby restructuring plan announced on January 12, 2015; expectations that the Debt Refinancing will be completed; that the Debt Refinancing may improve the Corporation's financial position; anticipated effects of the Debt Refinancing including: the reduction of leverage, improved liquidity, preservation of the possibility for future returns for shareholders; potential impacts of not implementing the Debt Refinancing; the anticipated effects of the Share Consolidation (as defined below); continued operations at the Lockerby mine, including the Lockerby restructuring plan and its expected impact on the Lockerby mine; net cash flow generated by the Lockerby mine; and future operating performance of the Corporation and its projects.

By its nature, forward-looking information is based on certain factors and assumptions which involve known and unknown risks, uncertainties and other factors which may cause the actual results, realization of mineral resources, performance or achievements of the Corporation, financial position or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Accordingly, actual events may differ materially from those implied by any forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speak only as of the date the statements were made and readers are also advised to consider such forward-looking information while considering the risk factors set forth in: the management information circular to be dated on or about February 9, 2015, under the heading 'Risks and Uncertainties' in management's discussion and analysis for the year ended December 31, 2013 and under the heading 'Risk Factors' in the Corporation's annual information form for the year ended December 31, 2013. The Corporation disclaims any intention or obligation to publicly update or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

Read the rest of the article at finance.yahoo.com

First Nickel Inc.

DEVELOPMENT STAGE
CODE : FNI.TO
ISIN : CA33582W1068
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First Nickel is a nickel exploration company based in Canada.

First Nickel develops nickel, cobalt, copper, gold, palladium, platinum and silver in Canada, and holds various exploration projects in Canada.

Its main assets in development are LOCKERBY MINE and PREMIERE RIDGE in Canada and its main exploration properties are RAGLAN HILLS, LANDORE/ WEST GRAHAM, MORGAN-LUMSDEN, BELMONT PROJECT, WEST GRAHAM, FOY MOUTH, KAMISKOTIA and DUNDONALD in Canada.

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Financings of First Nickel Inc.
3/12/2015Completes Debt Refinancing
3/11/2015FNI Announces Approval by Shareholders of Debt Refinancing a...
4/8/2013Completes Refinancing
9/12/2011Hires New President & CEO and Announces $500,000 Private Pla...
3/2/2011Secures Commitments for C$30 Million Senior Secured Project ...
Nominations of First Nickel Inc.
10/3/2013Names Alfred Colas as Chief Financial Officer
2/4/2013Announces Changes to the Board of Directors With the Appoint...
7/3/2012Appoints David Comba as New Chairman
4/29/2008Gerry Bilodeau Appointed as Vice President Operations
Financials of First Nickel Inc.
3/26/2015Reports Financial and Operating Results for the Year Ended D...
8/12/2013Reports Three and Six Months Financial and Operating Results...
5/15/2013Reports First Quarter 2013 Financial and Operating Results
11/13/2012Reports Third Quarter 2012 Financial and Operating Results
8/14/2012Reports Second Quarter 2012 Financial and Operating Results
5/16/2012Reports First Quarter 2012 Financial and Operating Results
8/11/2011Reports Financial and Operating Results for the Period Ended...
5/30/2011Reports Financial and Operating Results for the Period Ended...
3/30/2011Reports Financial and Operating Results for the Year Ended D...
11/11/2008Reports Financial And Operating Results For The Three And Ni...
5/14/2008Reports Financial and Operating Results for the Three Month ...
3/27/2008 Reports Financial And Operating Results For The Year Ended ...
11/14/2007 Reports Third Quarter 2007 Results
Project news of First Nickel Inc.
5/6/2014First Nickel says two workers dead at Sudbury mine
1/3/2013Reports Lockerby 2012 Nickel Production is Expected to Be Ap...
8/3/2012(Lockerby Mine)Files Optimized Lockerby Mine Plan with SEDAR
6/18/2012(Lockerby Mine)Optimizes Lockerby Mine Plan, Resulting in an $87 Million NP...
11/7/2008(West Graham)Provides an Exploration Update on Lockerby and West Graham P...
7/3/2008(Lockerby Mine)Announces the Results of the NI 43-101 Reserve Estimate and ...
6/30/2008(Premiere Ridge)Announcement Re Premiere Ridge
3/25/2008(West Graham) Intersects 86.70 Metres of 0.55% Ni and 0.43% Cu on West Gr...
1/16/2008(Lockerby Mine) Reports 289% Increase in Indicated Resources at the Lockerb...
12/11/2007(Raglan Hills)Sign Joint Venture on Raglan Hills Project
11/1/2007(Lockerby Mine)Nickel Production Increasing Additional Promising Lockerby D...
7/23/2007(Lockerby Mine)Intersects 53.30 Metres of 1.82% Ni and 1.39% Cu at Lockerby...
Corporate news of First Nickel Inc.
8/27/2015TSX Delisting Review - First Nickel Inc. (Symbol: FNI)
8/20/2015First Nickel Announces Appointment of Receiver
8/20/2015TSX Delisting Review - First Nickel Inc. (Symbol: FNI)
8/20/2015First Nickel Announces Application for Appointment of Receiv...
8/20/2015IIROC Trading Halt - FNI
8/20/2015First Nickel Reports Financial and Operating Results for the...
8/14/2015First Nickel Reports Financial and Operating Results for the...
8/4/2015First Nickel Reports Incident at Lockerby Mine
8/3/2015First Nickel Reports Incident at Lockerby Mine
7/20/2015First Nickel Announces Change to Board of Directors
7/17/2015First Nickel Announces Change to Board of Directors
6/22/2015Results of the FNI Annual General Meeting of Shareholders
3/26/2015FNI Reports Financial and Operating Results for the Year End...
3/26/2015First Nickel Reports Financial and Operating Results for the...
3/12/2015FNI Completes Debt Refinancing
3/11/2015FNI Announces Approval by Shareholders of Debt Refinancing a...
3/2/2015Leading Independent Advisory Firms ISS and Glass Lewis Recom...
3/2/2015Leading Independent Advisory Firms ISS and Glass Lewis Recom...
2/9/2015IIROC Trade Resumption - FNI
2/9/2015First Nickel Announces Debt Refinancing
2/9/2015IIROC Trading Halt - FNI
1/27/2015First Nickel Provides Preliminary 2014 Production Results an...
1/12/2015First Nickel Restructures the Lockerby Mine, Reducing Costs ...
1/12/2015First Nickel Restructures the Lockerby Mine, Reducing Costs ...
11/11/2014FNI Reports FInancial and Operating Results for the Three an...
11/10/2014First Nickel Reports Financial and Operating Results for the...
8/11/2014First Nickel Reports Financial and Operating Results for the...
6/11/2014Results of the FNI Annual General Meeting of Shareholders
5/12/2014First Nickel Reports Financial and Operating Results for the...
5/8/2014First Nickel Reports the Lockerby Mine Will Resume Operation...
5/6/2014First Nickel Provides Update on Lockerby Accident
5/6/2014First Nickel Reports Two Fatalities at the Lockerby Mine
5/6/2014IIROC Trade Resumption - FNI
5/6/2014First Nickel Reports Incident at the Lockerby Mine
5/6/2014IIROC Trading Halt - FNI
3/21/2014FNI Reports Financial and Operating Results for the Year End...
3/21/2014First Nickel Reports Financial and Operating Results for the...
3/19/2014FNI Positioned to Benefit from Higher Nickel Prices
9/27/2013FNI Amends Lockerby Ore Processing Agreement
7/10/2013Reports 4 Year Contract Ratified with Mine Mill 598/CAW
6/12/2013Results of the FNI Annual General Meeting of Shareholders
4/18/2013(Lockerby Mine)FNI Achieves Full Production at Lockerby Mine
4/1/2013Announces Restructuring of Indebtedness
1/16/2013FNI Arranges US$5.0 Million Loan Facility
10/19/2012Reports Lockerby Nickel Production at 80% of Full Production...
4/24/2012Provides Comment on Ministry of Labour Order
3/23/2012Announces Increase to 2012 Exploration Program
1/25/2012Announces Continued Progress at Lockerby in Q4-2011 and Prov...
12/14/2011Announces Organizational Changes
12/5/2011Hires New Head of Corporate Development
7/20/2011Completes $5 Million Private Placement
7/5/2011Enters Into C$30 Million Project Loan Facility
5/18/2011Announces $2 Million Flow-Through Private Placement
4/25/2011Provides Update on Lockerby Restart
5/6/2008Establishes Shareholder Rights Plan
4/30/2008Market Update Announcement
2/12/2008Provides 2008 Guidance
9/6/20072007 Update
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TORONTO (FNI.TO)
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