Fletcher Nickel Extends Warrants

25.01.08

Toronto, Canada, January 25th, 2008 – 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.

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