TORONTO, Feb. 19, 2016 (GLOBE NEWSWIRE) -- Victory Nickel Inc. ("Victory Nickel" or the "Company") (TSX:NI) (www.victorynickel.ca) today announced that the Canadian Securities Exchange (the "CSE") has provided approval to list the Company's common shares for trading. Trading of Victory Nickel's common shares will commence on Monday, February 22, 2016 under the ticker symbol "Ni". As previously announced, Victory Nickel's common shares will be delisted from the Toronto Stock Exchange ("TSX") at the close of business on Friday, February 19, 2016.
Subsequent to listing on the CSE, Victory Nickel will complete the amended secured loan agreement extending the maturity date to January 31, 2018 and other components of its debt restructuring plan amounting to approximately US$4,000,000 as outlined in its news release of November 26, 2015. A second and final tranche is expected to close soon thereafter. The restructuring will strengthen the Company's balance sheet and provide an opportunity for the oil industry and related frac sand business to recover. Spot sales of premium-quality Northern White Wisconsin frac sand from the Company's Seven Persons frac sand plant near Medicine Hat, Alberta (the "7P Plant") are ongoing but not at levels sufficient to generate significant positive cash flow. The Company maintains a significant inventory of frac sand at various stages of completion at the 7P Plant, and management continues to pursue a number of alternative opportunities within the frac sand market to augment sales.
On the nickel side of the business, the Company applied for an amendment to its existing Environment Act Licence (the "EAL") to relocate the permitted Minago tailings facilities such that it will not interfere with potential nickel resources and also reduce operating costs. Consultations with First Nations by the Government of Manitoba are expected to soon be completed. This will then permit the government to issue the amendment to the existing EAL which continues to be valid.
The CSE is one of the fastest growing equities exchanges because of its ability to lower the cost of Canadian public capital for entrepreneurs. The CSE announced that it set new records in 2015 for annual trading volume and total listings. Trading information and quotes can be obtained at www.thecse.com.
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 Québec. In addition, 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.
Victory Nickel Inc.
René Galipeau or Sean Stokes
Forward-Looking Information: This news release contains certain forward-looking information. All information, other than information regarding historic 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. 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. 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. 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.
CONTACT: Sean Stokes firstname.lastname@example.org