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INDEPENDENT NICKEL CORP. NEWS RELEASE May 8, 2007
Independent Nickel Corp. Closes $13 Million FinancingSudbury, Ontario – May 8, 2007 – Independent Nickel Corp. (TSX-V: INI) (the “Company”) has closed the $13 million non-brokered financing previously announced on April 17th, 2007. The financing consisted of 11,764,706 common share units (“Units”) at $0.85 per unit, for gross Unit proceeds of $10,000,000 and 3,000,000 flow through common shares (“Flow Through Shares”) at $1.00 per share, for gross Flow Through proceeds of $3,000,000. Each Unit consists of one common share of the Company and one half common share purchase warrant of the Company. The combination of two half warrants entitles 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 paid finder’s fees of $710,455 and issued 1,398,149 finder’s warrants in respect of the financing. Each finder’s warrant entitles the holder to purchase one common share of the Company at a purchase price of $0.90 for a period of 24 months from closing. Shares issued pursuant to this private placement, including any shares issued as a result of the exercise of finder’s warrants, will be subject to a four month hold period expiring September 8, 2007. A portion of the proceeds from the Unit private placement will be used to fund the previously announced acquisition of the royalty of up to 3% on Victory Nickel Inc.’s Minago Nickel property, located in northern Manitoba. The balance of the Unit net proceeds will be used to fund pre-feasibility and permitting of the Company’s Lynn Lake property and for general working capital purposes. Proceeds from the Flow Through private placement will be used to fund exploration at the Company’s Lynn Lake project located in Manitoba. The private placement is subject to final acceptance of the TSX Venture Exchange. 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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