Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.
If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.
* Price is subject to applicable taxes.
Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.
Victory Nickel Restructures Secured Debt
Toronto, Ontario (FSCwire) - Victory Nickel Inc. (“Victory Nickel” or the “Company”) (CSE:NI, www.victorynickel.ca) today announced that it has completed the restructuring of its secured debt in the amount of $5,500,000 which was to mature on January 31, 2018. The amount has been increased to $7,050,000 to include accrued interest and the maturity date has been extended 18 months to July 31, 2019 (the “Amended Secured Loan”). Other terms of the Amended Secured Loan remain the same as the existing secured debt except that the Company was to issue 2,500,000 shares at a deemed price of $0.05 as of December 31, 2017 and will issue an additional 2,500,000 shares on December 31, 2018 should the debt not be repaid.
“We are pleased to have the continued support of our secured lender. Although the price of oil has increased from its lows, fracking activity in the geographic area serviced by the Company’s frac sand plant in Medicine Hat Alberta has not seen a significant increase in activity. Frac sand prices are increasing but have not returned to the highs of 2014. As previously announced, the refurbishing of the wet plant at the company’s 7P Plant near Medicine Hat Alberta is completed and working well and approximately 5,000 tons were washed before freeze up. The price of nickel is seeing signs of improvement and is expected to perform well in the near future as demand for nickel in batteries grows. The Company’s projects are sulphide deposits which produce the high quality nickel necessary for electric car batteries,” said Rene Galipeau, CEO. “We continue to look at growth opportunities which are complementary to our existing frac sand activities and to strengthen our balance sheet. With the support of our lenders and suppliers, we are getting there.”
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 (currently under option to Corazon Mining Ltd.) in Manitoba, and Lac Rocher in northwestern Québec. Through a wholly-owned subsidiary, Victory Silica Ltd., Victory Nickel at its 7P Plant frac sand processing facility in Seven Persons Alberta, has established itself in the frac sand business prior to commencing frac sand production and sales from Minago.
Contact:
Victory Nickel Inc. |
|
|
René Galipeau or Sean Stokes |
|
|
Phone: 416.363.8527 |
|
|
Fax: 416.626.0890 |
|
|
Email: [email protected] |
|
|
www.victorynickel.ca |
|
|
To follow Victory Nickel Inc. on your favorite social media platform or financial websites, please click on the icons below.
Maximum News Dissemination by FSCwire. https://www.fscwire.com
Copyright © 2018 FSCwire
We use cookies to tailor your experience, measure site performance and present relevant offers and advertisements. By clicking ‘Accept’ or any content on this site, you agree that cookies can be placed on your browser. You can view our privacy policy to learn more.
If you want a better viewing and privacy experience, join us as Canadian Insider Club Ultra member to eliminate third-party ads