Resource Capital Fund IV L.P. and Resource Capital Fund V L.P. Acquire Securities of First Nickel Inc. pursuant to Debt Refinancing

DENVER, CO, March 13, 2015 /CNW/ - Resource Capital Fund IV L.P. ("RCF IV") and Resource Capital Fund V L.P. ("RCF V") are pleased to announce that they have completed a previously announced transaction to refinance all of First Nickel Inc.'s ("First Nickel") outstanding debt obligations (the "Debt Refinancing"), effective March 12, 2015. Pursuant to the Debt Refinancing, RCF IV has acquired in aggregate 624,150,000 common shares of First Nickel in full satisfaction of First Nickel's outstanding obligations under a US$10 million convertible loan facility with RCF IV, which represents a per common share issue price of C$0.02 and a USD – CAD exchange rate of 1:1.2483.

Additionally, under the Debt Refinancing the principal amount of an existing term loan with RCF V was increased to US$15.5 million (the "RCF V Loan"), and the principal amount of the an existing term loan with West Face Long Term Opportunities Global Master L.P. ("West Face") was increased to US$12.5 million (the "West Face Loan"). The maturity date for both the RCF V Loan and the West Face Loan were extended to December 30, 2016. In connection with the Debt Refinancing, RCF V also received 240,000,000 warrants with an exercise price of C$0.02 per share and an expiry date of December 30, 2016.

Certain proceeds from the RCF V Loan and the West Face Loan were used to pay out the outstanding balance under a US$18 million revolving credit facility (the "BNS Facility") between First Nickel and The Bank of Nova Scotia. The BNS Facility was subsequently terminated.

RCF IV and RCF V (collectively, "RCF") are under common management by RCF Management LLC. Prior to the Debt Refinancing, RCF owned and controlled 267,059,730 common shares and 50,000,000 warrants with an exercise price of C$0.05 per share, representing approximately 38.1% of the outstanding common shares of First Nickel on an undiluted basis, and approximately 38.2% on a fully diluted basis. RCF now holds an aggregate of approximately 67.2% of the outstanding common shares of First Nickel on an undiluted basis, and approximately 62.5% on a fully diluted basis.

The securities issued in connection with the Debt Refinancing were acquired for investment purposes. RCF will evaluate its investment in First Nickel from time to time and may, based on such evaluation of market conditions and other circumstances, increase or decrease its shareholdings in First Nickel as circumstances require.

For further information and to obtain a copy of the revised early warning report filed under applicable Canadian securities laws in connection with the transactions hereunder, please see First Nickel's profile on the SEDAR website www.sedar.com or contact:

SOURCE Resource Capital Fund IV L.P.

Resource Capital Fund IV L.P., 1400 Sixteenth Street, Suite 200, Denver, CO, 80202, Telephone: [phone], Attn: Molly Campbell; Resource Capital Fund V L.P, 1400 Sixteenth Street, Suite 200, Denver, CO, 80202, Telephone: [phone], Attn: Molly Campbell