Victory Nickel Extends Offer for Independent Nickel Shares to October 6thadmin
Independent Nickel Corp. announced that, as per Victory Nickel’s press release of yesterday evening, Independent Nickel shareholders have deposited 43,072,942 Independent Nickel common shares to the most recently announced Victory Nickel offer. At the time of the original deadline for this offer, this represented approximately 58.3% of Independent Nickel’s issued and outstanding common shares on a fully-diluted basis (71.1% on an undiluted basis). However, following completion of the exchange of the outstanding Independent Nickel stock options for replacement Victory Nickel stock options in the manner contemplated by the terms of the Victory Nickel offer, a process that is expected to be completed shortly, this would represent approximately 63.5% of the issued and outstanding common shares of Independent Nickel on a fully-diluted basis.
Victory Nickel has extended its offer to 6 p.m. (Toronto time) on October 6, 2008 to allow Independent Nickel shareholders who have not yet tendered their shares to deposit their shares to the offer. For further details please see the Victory Nickel press release at www.victorynickel.ca.
On September 3, 2008, the Board of Directors of Independent Nickel recommended that shareholders accept the offer, having unanimously determined that it is fair to shareholders and in the best interests of Independent Nickel.
Independent Nickel owns 100% of the Lynn Lake Nickel Mine, located in Lynn Lake, Manitoba. The Company also owns a Net Smelter Return Royalty (“NSR”) on Victory Nickel Inc.’s Minago Nickel Property, also located in Northern Manitoba. The NSR pays the Company 3% of all mineral product value when nickel prices exceed US$6/lb.