private placementVictory Nickel Completes $685,828 Flow-Through Financing
TORONTO, ONTARIO, Mar 01, 2010 (MARKETWIRE via COMTEX News Network) --
Victory Nickel Inc. ("Victory Nickel" or the "Company")(TSX: NI), (www.victorynickel.ca) today announced that it has completed a $685,828 non-brokered private placement financing (the "Private Placement").
Gross proceeds of $685,828 were received in consideration of the issuance of 3,429,139 units of securities of the Company (each, a "Unit") at a price of
.20 per Unit. Each Unit is comprised of one common share of the Company (each, a "Common Share") and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"), each issued on a "flow-through" basis pursuant to the Income Tax Act (Canada). Each Warrant entitles the holder to purchase one Common Share at an exercise price of
.26 for a period of 12 months from closing of the Private Placement.
Proceeds of the private placement are expected to be used for the exploration program of the Company to be conducted on projects located in Manitoba.
About Victory Nickel
Victory Nickel Inc. is a Canadian company with four sulphide nickel deposits containing significant NI 43-101-compliant nickel resources. Victory Nickel is focused on becoming a mid-tier nickel producer by developing its existing properties, Minago, Mel and Lynn Lake in Manitoba, and Lac Rocher in northwestern Quebec, and by evaluating opportunities to expand its nickel asset base. Victory Nickel also owns approximately 5% of Wallbridge Mining Company Limited, the third largest landholder in the Sudbury Basin, which in turn owns approximately 12.9% of Duluth Metals Limited.