Last C$0.01 CAD
Change Today 0.00 / 0.00%
Volume 492.2K
FNI On Other Exchanges
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As of 3:39 PM 02/27/15 All times are local (Market data is delayed by at least 15 minutes).

first nickel inc (FNI) Snapshot

Open
C$0.01
Previous Close
C$0.01
Day High
C$0.01
Day Low
C$0.01
52 Week High
05/9/14 - C$0.06
52 Week Low
02/9/15 - C$0.0050
Market Cap
6.8M
Average Volume 10 Days
435.5K
EPS TTM
C$-0.03
Shares Outstanding
678.8M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
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Current Stock Chart for FIRST NICKEL INC (FNI)

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first nickel inc (FNI) Details

First Nickel Inc., a mining company, is engaged in mining, exploration, development, and acquisition of base metal properties in North America. The company explores for nickel, as well as its by-products, such as copper and cobalt. It principally holds interest in the Lockerby Mine located in Sudbury, Ontario. The company was incorporated in 2003 and is headquartered in Toronto, Canada.

180 Employees
Last Reported Date: 03/20/14
Founded in 2003

first nickel inc (FNI) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$350.0K
Chief Financial Officer and Vice President
Total Annual Compensation: C$46.0K
Head of Corporate Development and Vice Presid...
Total Annual Compensation: C$193.8K
Vice President of Exploration
Total Annual Compensation: C$190.0K
Compensation as of Fiscal Year 2013.

first nickel inc (FNI) Key Developments

First Nickel Inc. Announces Debt Refinancing

First Nickel Inc. announced that it is has entered into a commitment letter with three of its major shareholders and lenders: Resource Capital Fund IV L.P. (RCF IV), Resource Capital Fund V L.P. (RCF V and, together with RCF IV, RCF), and West Face Long Term Opportunities Global Master L.P. and/or its affiliates to complete a transaction to refinance all of its outstanding debt obligations. The company’s outstanding indebtedness is currently approximately $38 million in the aggregate, comprising four separate instruments: (a) the $18 million revolving credit facility (BNS facility) with the Bank of Nova Scotia (BNS), which matures on March 12, 2015; (b) the $10 million convertible loan (RCF IV convertible facility) with RCF IV, which matures on March 31, 2015; (c) the $5 million term loan (RCF V loan) with RCF V, which matures on March 31, 2015; and (d) the $5 million term loan (West Face loan) with West Face, which matures on March 31, 2015. Pursuant to the commitment letter, the company has agreed to issue 624,150,000 common shares to RCF IV in full satisfaction of FNI's outstanding obligations under the RCF IV convertible facility, which represents a per common share issue price of CAD 0.02 and a USD - CAD exchange rate of 1:1.2483 to convert the outstanding principal amount under the RCF IV convertible facility into Canadian dollars. Upon the issuance of the common shares, the RCF IV convertible facility will be terminated and the security previously granted to RCF IV will be released. Pursuant to the commitment letter, the company has agreed to amend and restate the RCF V loan and the West Face loan. The RCF V loan will be increased to $15.5 million and the West Face loan will be increased to $12.5 million. The amended loans will mature December 30, 2016 and both will bear interest at an annual rate of 10%. Interest will be payable in cash or, at the election of the applicable lender, in common shares of the company. Certain proceeds from the amended loans will be used to pay out the outstanding balance under the BNS facility. Following repayment in full, the BNS facility will be terminated and the standby letters of credit securing the BNS facility posted by RCF V and West Face will be returned and cancelled. The credit facilities made available by RCF V and West Face backstopping the letters of credit posted with BNS will also be terminated.

First Nickel Inc. Reports Preliminary Production Results for the Year 2014; Provides Production and Capital Expenditure Guidance for the Year 2015

First Nickel Inc. reported preliminary production results for the year 2014. For the year, the company produced approximately 13.3 million contained and 6.9 million GMV-net payable pounds of nickel, at the lower end of the 2014 guidance range; Produced approximately 7.8 million contained and 4.0 million GMV-net payable pounds of copper, at the upper end of the 2014 guidance range. For the year 2015, the company expects Production of between 12.7 and 13.5 million pounds of contained nickel, consistent with 2014 production; Production of between 6.9 and 7.5 million pounds of contained copper; and GMV-net payable production of between 6.4 and 6.8 million pounds of nickel, and between 3.5 and 3.7 million pounds of copper. The company announced that Capital expenditures, including underground development, are projected to be approximately $6.5 million in 2015 and exploration and evaluation expenses in 2015 are projected to be approximately $0.9 million, including 6,300 metres of exploration drilling and related costs.

First Nickel Inc. Announces Executive Changes

First Nickel Inc. recently engaged Mr. Vern Baker as Vice President, Sudbury Operations. Mr. Baker was most recently President of Duluth Metals and was previously the Vice President of Operations of FNX Mining in Sudbury. He has a track record of leading effective change in underground mines, keeping mines operating where they would have otherwise been closed. In addition, Mark Isto, Vice President of Operations, has decided to leave the company and take a senior-level position at a mining-related company.

 

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Price/Cash Flow 6.5x
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