Tuesday, 10 July 2007

Full Steam Ahead As Pure Nickel Completes Major Financing

Pure Nickel (NIC - TSX V / PNCKF - OTCBB) released news today that is sure to bring reassurance to the market that it can now close the purchase of Xstrata's package of ten, high potential nickel exploration properties.

NIC completed the full $27.5 million financing comprised of units priced at $1.25 containing a common share and a half warrant exercisable for 18 months at $1.75.

The property package acquisition was originally scheduled to close on July 9th but that has been extended by a few days to July 17th. $15.25 million of the financing proceeds will be used to fund the acquisition. Pure Nickel will have ample funds remaining for its work programs on the various properties as it had approximately $8 million in the bank before this financing.

The acquisition in conjunction with NIC's existing properties in Saskatchewan, Manitoba and Alaska will lift the company into the "premiere" rank as it will become one of the largest nickel exploration companies in North America.

We expect that over the coming months Pure Nickel will be issuing a steady stream of news as it will have a myriad of work programs underway on the various properties.

Pure Nickel now has 67.8 million shares issued and 91.5 million shares fully diluted with the completion of the financing.

To read the news release click here.