FNX Mining Company Inc. Acquires Common Shares Of International Nickel Ventures Corporation
NOT FOR DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Toronto, Ontario – March 21, 2006 – FNX Mining Company Inc. (“FNX”) announces that it has acquired ownership of 833,333 common shares of International Nickel Ventures Corporation (“INV”), representing approximately 2.7% of the issued and outstanding common shares of INV calculated as of March 17, 2006 (after the issuance of 18,500,000 common shares of INV in connection with its initial public offering (the “IPO”) as of such date). As a result of this acquisition, FNX held, as at March 17, 2006, an aggregate of 3,153,563 common shares representing approximately 10.3% of the issued and outstanding common shares of INV as of March 17, 2006 (immediately following the IPO). FNX also holds 2,347,886 share purchase warrants of INV which together with its 3,152,563 represent approximately 16.7% calculated on a partially diluted basis assuming exercise of the share purchase warrants only.
Subsequent to a further issuance of common shares by INV, FNX now holds 3,153,563 common shares of INV representing 9.9% of INV’s 31,832,300 issued and outstanding common shares (FNX continues to hold 2,347,886 share purchase warrants).
The acquisition of common shares of INV by FNX was made for investment purposes. FNX may from time to time acquire additional securities of INV, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its current positions.