I think it is about 155 million shares out after th last PP of flow through @ $.30.. There were no wts with those shares.

Interesting in that the additional cash from that lastt PP amounts to $ .029 / shares for that placement alone....LOL

FNI is clearly worth a lot more as a breakup than its present market cap.... considerably more!

I figure that the next financial should show approximately $.22 / share in cash / cash equivilants, ore in process plus the Lockerby mine closure segregated cash.

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The agreement with xstrata had a buy back clause... which I would suggest they act on... That is, give the Lockeby back to Xstrata. That agreement provided the incentive to expand the resource by providing " double" the amount spent on exploration returned if the mine was given back... That resource is currently at about 150 million lbs of Ni equivilant.

Even today a billion dollar resource. ( in situe value)

Not sure how much was spent prior to this additional amount (below) but if added to this, this buyback could be very significant. Certainly many multiples of todays trading price.

That being said FNI is a takeover canidate from many perspectives or small to intermediate producers. Or just shut it down and return investment capital to shareholders.

First Nickel budgets $17-million for Lockerby mine

2008-02-12 11:08 ET - News Release

Mr. W.J. Anderson reports

FIRST NICKEL PROVIDES 2008 GUIDANCE

First Nickel Inc. today provided guidance with respect to 2008 production.

The company expects:

• To produce between 3.8 and 4.4 million pounds of payable nickel;
• To produce between 2.3 and 2.7 million pounds of payable copper.

First Nickel has budgeted $17-million for development and capital improvements at the Lockerby mine and expects to spend approximately $7-million on exploration, the majority of which will be spent on targets around the existing Lockerby mine infrastructure, Lockerby East and footwall areas. Financing for these expenditures will come from existing cash balances and cash flow generated from the Lockerby operations.

William Anderson, president and chief executive officer, states: "We look forward to a significantly improved 2008. I am pleased that the board has authorized expenditures designed both to improve our existing production profile and to ramp up our aggressive exploration programs on our various, highly prospective properties in the Sudbury area."

JMHO