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INDEPENDENT NICKEL CORP. NEWS RELEASE April 17, 2007
Independent Nickel Announces $13 Million FinancingSudbury, Ontario – April 17, 2007 – Independent Nickel Corp. (TSX-V: INI) (the “Company”) announced today that it intends to raise up to $13 million in a private placement of flow-through common shares and common share units on a non-brokered basis. Under the terms of the financing, the Company plans to issue up to 3,000,000 flow through common shares (“Flow Through Shares”) at $1.00 per share, for gross proceeds of up to $3,000,000 and up to 11,764,706 common share units (“Units”) at $0.85 per unit, for gross proceeds of up to $10,000,000. Each Unit will consist of one common share of the Company and one half common share purchase warrant of the Company. The combination of two half warrants will entitle the holder, for a period of eighteen months following the closing of the financing, to acquire one common share of the Company for $1.00. The Company has agreed to pay finders fees of 5% of the gross proceeds raised in the Flow-Through Share offering and 6% of the gross proceeds raised in the Unit offering, in respect of securities issued, in connection with the financing, to parties introduced to the Company by finders. In addition, the Company has agreed to grant finder’s warrants entitling finders, for a period of twenty four months, to acquire, at a price of $0.90 per common share, the number of common shares equal to 10% of the number of Units and Flow-Through Shares issued, in connection with the financing, to parties introduced to the Company by the finders. The proceeds of the Flow Through Share issuance will be used to fund exploration on the Company’s 100%-owned Lynn Lake nickel property. The proceeds of the Unit financing will be used to fund the acquisition of the Minago and Lynn Lake royalties, as announced earlier today, and for general working capital purposes. Terms of the financing are subject to regulatory approval. FOR FURTHER INFORMATION PLEASE CONTACT: Independent Nickel Corp. 957 Cambrian Heights Drive This document may contain forward-looking statements relating to Seymour Exploration Corp.’s operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Seymour’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Seymour disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE. |
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| INDEPENDENT NICKEL CORP. (Head Office) | 705-521-8444 (Phone) | Site Design by |
| 102-957 Cambrian Heights Drive, Sudbury, Ontario P3C 5M6 | 705-521-1845 (Fax) | Trev's Webs |
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