TORONTO, ONTARIO -- (Marketwired) -- 09/12/14 -- Victory Nickel Inc. ("Victory Nickel" or the "Company") (TSX: NI) (www.victorynickel.ca) announced that, effective as of today (the "Record Date"), the Company has consolidated its common shares (the "Common Shares") on the basis of one (1) post-consolidation common share for ten (10) pre-consolidation common shares (the "Consolidation"). The Consolidation was approved at the annual and special meeting of the Company's shareholders held on May 29, 2014. Any fractional shares remaining after giving effect to the Consolidation will be rounded up to the nearest whole number of post-Consolidation common shares.
In accordance with the rules of the Toronto Stock Exchange (the "TSX"), it is anticipated that the Common Shares will commence trading on the TSX on a consolidated basis on September 17, 2014, subject to meeting the customary requirements of the TSX.
"The frac sand business is growing well with sales and production moving in the right direction," said Rene Galipeau, Vice-Chairman and CEO of Victory Nickel. "Management and your board of directors believe that now is the right time for the Consolidation that was approved by shareholders at the most recent annual and special meeting."
All outstanding stock options and warrants will also be adjusted in accordance with their terms. A full description of the transaction summarized above is contained in the Company's Management Information Circular dated April 25, 2014, which has been filed on the System for Electronic Document Analysis and Retrieval and is available for viewing under the Company's profile at www.sedar.com. Letters of transmittal to obtain new share certificates in exchange for existing certificates will be mailed by the Company's transfer agent shortly after the Record Date.
About Victory Nickel
Victory Nickel Inc. is a Canadian company with four sulphide nickel deposits containing significant NI 43-101-compliant nickel resources and a significant frac sand resource at its Minago project. 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. Through a wholly-owned subsidiary, Victory Silica Ltd., Victory Nickel is establishing a presence in the frac sand market prior to commencing frac sand production and sales from Minago.
About Victory Silica Ltd.
Victory Silica Ltd. is a wholly-owned subsidiary of Victory Nickel and is charged with a phased plan to establish the Company in the frac sand market. In Phase 1, the Company constructed a 500,000 ton per annum dry processing plant and has begun processing and selling sand imported from Wisconsin. The 7P Plant is well located in an area populated with fracking companies, its potential customers, and is within only a few hours' trucking distance of major oil or gas play well sites. Phase 2, which includes the construction of a concentrator in Wisconsin, is expected to reduce costs and assure security of sand supply through the control of a frac sand mine in Wisconsin. In Phase 3, the Company intends to construct a larger frac sand plant to process and distribute both imported and domestic sand, which may potentially, but not necessarily, include sand mined as a co-product of development at the Company's Minago project. The Company has already identified a site in Winnipeg, Manitoba for this purpose.
Please visit the Company's website at www.victorynickel.ca. Should you wish to receive Company news via email, please email cathy@chfir.com and specify "Victory Nickel" in the subject line.
Forward-Looking Information: This news release contains certain forward-looking information. All information, other than information regarding historical fact, that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future is forward-looking information. Forward-looking information contained in this news release includes, but may not be limited to, the commencement of the Common Shares trading on the TSX on a consolidated basis and the mailing of letters of transmittal. The forward-looking information contained in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. With respect to the forward-looking information contained in this news release, the Company has made assumptions regarding, among other things, the Company's receipt of final approval of the Consolidation from the TSX. The forward-looking information contained in this news release is subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations, including the inability of the Company to obtain final approval of the Consolidation from the TSX. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable law, the Company disclaims any obligation to update or modify such forward-looking information, either because of new information, future events or for any other reason. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Contacts:
Victory Nickel Inc.
Rene Galipeau or Sean Stokes
416.363.8527
416.626.0890 (FAX)
admin@victorynickel.ca
CHF Investor Relations
Cathy Hume
416.868.1079
416.868.6198 (FAX)
cathy@chfir.com
