First Nickel refinances in difficult time

Apr 01, 2013 | 05:12 PM | Daniel Fitzgerald

Tags  First Nickel, nickel production, Lockerby Mine, Bank of Nova Scotia, refinancing, financial difficulty, Daniel Fitzgerald

NEW YORK — First Nickel Inc. has restructured its debt as it tries to improve its liquidity position and help finance development of its Lockerby Mine in Sudbury, Ontario, acknowledging that it "is in serious financial difficulty."

The Toronto-based company has announced a refinancing initiative that will boost the principal amount of its revolving credit facility with the Bank of Nova Scotia to $15 million from $10 million, as well as extend the maturity date to March 30, 2015.....

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