Announces $15 Million Flow Through Financing

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Announces $15 Million Flow Through Financing

posted on Apr 15, 2009 01:15PM

April 15, 2009

FNX Announces $15 Million Flow Through Financing

TORONTO, ONTARIO--(Marketwire - April 15, 2009) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

FNX Mining Company Inc. ("FNX" or "the Company")(TSX:FNX) is pleased to announce that it has engaged Primary Capital Inc. to issue and sell on a private placement basis up to 2,173,914 flow-through common shares of the Company at a price of $6.90 per share for gross proceeds of $15 million (the "Offering"), of which $10 million is being raised on a guaranteed basis and $5 million is being raised on a best efforts agency basis.

Terry MacGibbon, Chairman and CEO of FNX noted that, "Because of our 2009 cash conservation and cost reduction programs, the Company's exploration activity on our Sudbury properties was severely curtailed this year. Exploration has been one of the Company's greatest value added and growth drivers with our proven exploration team enjoying a very impressive record of mineral discoveries. This flow through financing will allow our exploration team to dramatically increase its exploration activity while not depleting the Company's cash position. The funds will primarily be used for exploration on our non-producing properties in Sudbury that contain untested exploration targets that warrant detailed work. The Company will continue to minimize its capital and operating expenditures while focusing on achieving its 2009 operating plans and developing the Levack Footwall Deposit for production startup in 2010."

Closing of the Offering is anticipated to occur on or before April 28, 2009 and is subject to receipt of applicable regulatory approvals including approval of the Toronto Stock Exchange. The shares issued in the Offering will be subject to resale restrictions for a period of four months plus one day from the closing date.

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