Victory Nickel Completes $8.1 million Flow-Through Financingadmin
Victory Nickel Inc. announced that it has completed an $8.1 million non-brokered private placement financing.
Gross proceeds of $8.1 million were received in consideration of the issuance of 18,046,700 common shares of the Company issued on a “flow-through basis” (each, a “Flow-Through Share”) at a price of $0.45 per share. The Flow-Through Shares issued pursuant to the financing are subject to a four-month hold period expiring on November 30, 2008.
Victory Nickel has paid a cash finder’s fee of 5% of the aggregate gross proceeds raised pursuant to the financing.
Proceeds of the private placement will be used to fund the exploration and development programs on Victory Nickel’s Minago and Mel properties in Manitoba and the Lac Rocher property in Quebec.
Victory Nickel Inc. is a Canadian company with over 660,000,000 pounds of in-situ nickel in National Instrument 43-101-compliant measured (154,000,000 pounds) and indicated (511,000,000 pounds) resources in three sulphide nickel projects: Minago and Mel on Manitoba’s Thompson nickel belt, and the high-grade Lac Rocher deposit in northwestern Quebec, and an additional 530 million pounds of in-situ nickel in inferred resources. Created from the nickel assets of Nuinsco Resources Limited (Toronto:NWI.TO), Victory Nickel is focused on becoming a substantial nickel producer by developing its existing properties and evaluating opportunities to expand its nickel asset base.
Contacts: Victory Nickel Inc. Rene Galipeau
Victory Nickel Inc. Paul Jones
Victory Nickel Inc. Sean Stokes (416) 626-0470 Email: email@example.com