Nuinsco Sells Victory Nickel Interest to Chinese Firm

4 August 2009 (Last Updated August 4th, 2009 18:30)

Nuinsco Resources has sold its 14.7% interest in Canadian company Victory Nickel to Jilin Jien Nickel Industry, a Chinese integrated mining and chemical production company. The deal also includes rights to acquire a further 2.9 million units of Victory, which when exercised will take Ji

Nuinsco Resources has sold its 14.7% interest in Canadian company Victory Nickel to Jilin Jien Nickel Industry, a Chinese integrated mining and chemical production company.

The deal also includes rights to acquire a further 2.9 million units of Victory, which when exercised will take Jilin Jien’s total shareholding to approximately 18.9% of the issued and outstanding common shares.

Victory Nickel's vice-chairman and CEO Rene Galipeau said that having Jilin Jien as a strategic investor enhances its long-term outlook and will benefit all Victory Nickel stakeholders.

"Its acquisition of this stake in Victory Nickel represents the culmination of a relationship begun some time ago and is a vote of confidence in Victory Nickel as well as in the outlook for the metals markets, and we are pleased to have them as a strategic investor," Galipeau said.