Independent Nickel Announces $13 Million Financing

    SUDBURY, ON, April 17 /CNW/ - 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
    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.

    This document may contain forward-looking statements relating to
Independent Nickel Corp.'s (INI) 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 INI'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. INI
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.


For further information:

For further information: Independent Nickel Corp., Richard Murphy,
President and CEO, or Guy Mahaffy, Chief Financial Officer, Tel: (705)
521-8444, Email:, 957 Cambrian Heights Drive, Suite
102, Sudbury, Ontario, P3C 5M6

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