First Nickel Inc.

First Nickel Inc.

September 29, 2005 08:53 ET

First Nickel Inc. Announces CDN $6 Million Flow-Through Private Place

TORONTO, ONTARIO--(CCNMatthews - Sept. 29, 2005) - First Nickel Inc. (TSX:FNI) today announced that it has entered into an agreement with MGI Securities Inc. to complete a private placement of 4,615,385 flow-through common shares at a price of $1.30 per common share for aggregate gross proceeds of $6,000,000. FNI plans to use the gross proceeds to fund its ongoing exploration programs in the North Range of the Sudbury Basin (Bowell, Foy Mouth and Morgan Lumsden), its Landore Property adjacent to the Lockerby Mine as well as continue exploration of its Dundonald Property near Timmins, Ontario.

The offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of The Toronto Stock Exchange.

At July 31, 2005 First Nickel had working capital of approximately $13,500,000 and 53,730,598 common shares issued and outstanding.

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