First Nickel Inc.

First Nickel Inc.

August 20, 2015 11:02 ET

First Nickel Announces Application for Appointment of Receiver

TORONTO, ONTARIO--(Marketwired - Aug. 20, 2015) - First Nickel Inc. ("First Nickel", "FNI" or the "Corporation") (TSX:FNI) announces that the Corporation's principal secured lender, Resource Capital Fund V L.P. ("RCF V"), has demanded repayment of all of the obligations owing to it by the Corporation and issued a notice of intention to enforce its security under the Bankruptcy and Insolvency Act (Canada) (the "BIA"). RCF V has brought an application for the appointment of KSV Kofman Inc. as a receiver of First Nickel under the BIA and the Courts of Justice Act (Ontario).

Following discussions between the Corporation and RCF V, the directors of First Nickel have consented to the early enforcement by RCF V of its security and to the appointment of a receiver over the property of First Nickel. The application for the appointment of a receiver is being heard today in Toronto at the Ontario Superior Court of Justice (Commercial List). Further information will be provided in due course.

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