Fletcher Nickel extends warrants



    TSX: FL

    TORONTO, Jan. 25 /CNW/ - Fletcher Nickel Inc. (TSX:FL) has extended by
12 months the time for exercise of outstanding share purchase warrants issued
prior to its initial public offering. The company's Board of Directors
determined that the delays encountered in the completion of its initial public
offering due to last summer's market turmoil substantially prejudiced the
holders of its prior warrant issues, and that extending the time for exercise
of all outstanding warrants by one year would be fair and equitable in the
circumstances.
    As some of the warrants were previously acquired in transactions with two
accredited investors who subsequently became directors of the corporation, the
company has obtained the consent to the warrant extensions from unrelated
holders of a majority of the company's shares.
    The specific details of the warrant extensions are as follows:
60,000 warrants exercisable at $1.00 expiring February 6, 2008 have been
extended to February 6, 2009; 15,000 warrants exercisable at $1.00 expiring
February 15, 2008 have been extended to February 15, 2009; 385,000 warrants
exercisable at $1.20 expiring February 6, 2008 have been extended to February
6, 2009 (75,000 of these are held by a director and a party related to a
director); 82,500 warrants exercisable at $1.20 expiring February 15, 2008
have been extended to February 15, 2009 (25,000 of these are held by a party
related to a director); 625,000 warrants exercisable at $1.25 expiring
February 28, 2008 have been extended to February 28, 2009 (all of these are
held by a director); 650,000 warrants exercisable at $1.25 expiring March 20,
2008 have been extended to March 20, 2009; 500,000 warrants exercisable at
$1.25 expiring April 3, 2008 have been extended to April 3, 2009 (250,000 of
these are held by parties related to two directors); 50,000 warrants
exercisable at $1.20 expiring April 25, 2008 have been extended to April 25,
2009; and 15,000 warrants exercisable at $1.50 expiring May 21, 2008 have been
extended to May 21, 2009.

    %SEDAR: 00025268E




For further information:

For further information: Bruce Hodgman, Communications Director, Direct:
(905) 582-9744, Telephone: (416) 642-3575, Facsimile (416) 363-7875,
info@fletchernickel.com

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Fletcher Nickel Inc.

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