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.
