Hunter Dickinson to invest in Independent Nickel

Independent Nickel Corp. has agreed to terms of a $14 million financing with a private company in the Hunter Dickinson group.

The company said that Hunter Dickinson will subscribe for 40,000,000 Units of Independent Nickel at $0.35 per Unit, for gross proceeds of $14,000,000, on a non-brokered basis.

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.

Independent Nickel owns 100% of the Lynn Lake Nickel Mine, located in Lynn Lake, Manitoba. The Company also owns a Net Smelter Return Royalty (NSR) on Victory Nickel Inc.’s Minago Nickel Property, also located in Northern Manitoba.

Hunter Dickinson has completed all aspects of technical due diligence on the Lynn Lake Nickel property, as well as all corporate due diligence on Independent Nickel. In addition, the proposed transaction has been approved by the boards of directors of both Hunter Dickinson and Independent Nickel.