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Message: Victory Nickel Acquires Common Shares of Independent Nickel and Extends Offer
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| October 6, 2008 |
| Victory Nickel Acquires Common Shares of Independent Nickel and Extends Offer |
| TORONTO, ONTARIO--(Marketwire - Oct. 6, 2008) - Victory Nickel Inc. ("Victory Nickel" or the "Company")(TSX:NI)(www.victorynickel.ca) announced today that it has waived the minimum tender condition of its offer (the "Offer") to acquire all of the outstanding common shares (the "Independent Shares") of Independent Nickel Corp. ("Independent")(TSX:INI) on the basis of 1.1 of a Victory Nickel share for each Independent Share, pursuant to its offer to purchase and takeover bid circular dated August 19, 2008, as amended by its notice of variation and extension dated September 2, 2008 and by its notice of extension dated September 24, 2008. Victory Nickel has taken-up and paid for 46,741,434 Independent Shares, being all of the Independent Shares tendered pursuant to the Offer as at 6:00 p.m. (Toronto time) on October 6, 2008 (the "Expiry Time"). As a result of the take-up of the Independent Shares deposited to the Offer, Victory Nickel has ownership and control over 46,741,434 Independent Shares, representing approximately 77% of the 60,613,738 issued and outstanding Independent Shares. Victory Nickel acquired ownership and control over 77% of the issued and outstanding Independent Shares by the issuance of an aggregate of 51,415,577 Victory Nickel shares ("Victory Nickel Shares"). As of the date hereof, the closing trading price of the Victory Nickel Shares on the Toronto Stock Exchange (the "TSX"), as reported by the TSX, was $0.105 per Victory Nickel Share. Victory Nickel also announced that it has extended the Offer to 6:00 p.m. (Toronto time) on October 17, 2008, to allow any Independent shareholders who have not yet tendered their Independent Shares sufficient time to do so. A Notice of Extension relating to the extension of the Offer has been filed on SEDAR and will be mailed to Independent shareholders in the coming days. Victory Nickel intends to acquire all of the Independent Shares not acquired by the Expiry Time pursuant to a Compulsory Acquisition, if available, or pursuant to a Subsequent Acquisition Transaction, if available. About Victory Nickel Victory Nickel Inc. is a Canadian company with three sulphide nickel deposits containing significant 43-101-compliant nickel resources. Victory Nickel is focused on becoming a mid-tier nickel producer by developing its existing properties, Minago and Mel in Manitoba, and Lac Rocher in northwestern Quebec, and by evaluating opportunities to expand its nickel asset base. For further information, please visit our website at www.victorynickel.ca. |
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