Victory Nickel Unchanged, But Being Bid Lower As Completes Flow-Through Financing
Victory Nickel Inc. (NI.TO) is unchanged, but there are 272,500 bids at 9.5 cents after announcing today that it has completed a non-brokered private placement financing of 8,695,652 flow-through units at a subscription price of $0.115 per flow-through unit. The company raised gross proceeds of around $1 million. It said each flow-through unit consisted of one common share of the company and one-half of one warrant, each issued on a "flow-through" basis pursuant to the Income Tax Act (Canada). Each Warrant entitles the holder thereof to purchase one (non-flow-through) common share until November 25, 2012 at an exercise price of $0.15 per share.
Proceeds of the private placement will be used for exploration of the company's Canadian sulphide nickel projects: Minago and Mel in Manitoba and Lac Rocher in Quebec.
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