Tuesday, 26 June 2007

Pure Nickel Good As Gold With Imminent Closing Of Financing

Pure Nickel (TSX-Venture: NIC, OTCBB: PNCKF) issued a brief but important piece of news today (June 26th) as it has accepted subscriptions for $23.5 million of a recently announced $27.5 million private placement.

This is extremely important as it ensures the Company will have more than sufficient funds for the final $12.5 million payment to Xstrata for the purchase of a package of 10 high potential nickel exploration properties in Canada. That deal is slated to close by mid-July.

In Pure Nickel's presentations in Canada and the United States, it has emphasized that the combination of its existing properties (Fond du Lac Project (Saskatchewan) Fox River Project (Manitoba); and the MAN Project (Alaska)) complimented by the Xstrata package will make it one of the premier nickel exploration companies in North America.

We know that NIC has been active on its own properties and has budgeted $8 million this year for work programs.