Victory Nickel Inc.

Published : December 14th, 2015

Victory Nickel Unsecured Note Holder Provides Notice of Default

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Keywords :   Creditors | Debt | Market | Nickel | Silica |

Victory Nickel Unsecured Note Holder Provides Notice of Default

TORONTO, Dec. 14, 2015 (GLOBE NEWSWIRE) -- Victory Nickel Inc. ("Victory Nickel" or the "Company") (TSX:NI, www.victorynickel.ca) announced today the receipt of formal notice of default and demand for payment of principal and accrued interest (the "Notice") from the holder of a US$3,000,000 unsecured promissory convertible note.

As previously disclosed, the Company failed to pay quarterly interest payments due June 30, and September 30, 2015 on approximately US$6,000,000 of promissory convertible notes and on the US$5,150,000 securities purchase and line of credit agreement (the "SPA Loan"). The SPA Loan is secured by a general security agreement with first charge over all of the assets of the Company and its subsidiaries. The Company is considering the Notice and will provide an update when additional information is available.

On an unrelated matter, the Company also advises that Mr. Steve Harapiak, President and COO, has decided to retire, effective immediately. Steve has been with the Company since 2008 and has been instrumental in advancing the feasibility study and permitting of the Minago nickel project in Manitoba. "On behalf of the Board of Directors I would like to thank Steve for his valuable contribution to Victory Nickel," said Rene Galipeau, Vice-Chair and CEO. "We will miss Steve and wish him a long and enjoyable retirement."

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 Quebec, and by evaluating opportunities to expand its nickel asset base. Through a wholly-owned subsidiary, Victory Silica Ltd., Victory Nickel is establishing a presence in the frac sand market prior to commencing frac sand production and sales from Minago.

CONTACT:
Victory Nickel Inc.
Rene Galipeau or Sean Stokes
Phone: 416.363.8527
Fax: 416.626.0890
Email: admin@victorynickel.ca
Please visit the Company's website at www.victorynickel.ca.

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. Forward-looking information contained in this news release includes, but is not limited to, the ability of the Company to restructure its debt with the relevant lenders and the ability of the Company to pay future interest and other payments in connection with such debts. 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. With respect to the forward-looking information contained in this news release, the Company has made assumptions regarding, among other things, the ability of the Company to restructure its debts and that the secured lender will continue to not take action to enforce its security. 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, including an unwillingness of the Company's lenders to refinance the Company's debts on terms favourable to the Company or at all and the ability of the Company to continue selling frac sand. Additionally, if the Company is unable to restructure its debts, obtain additional financing and/or continue generating revenue through the sale of frac sand, the Company may be required to curtail activities and/or liquidate its assets or the Company's creditors may seek to seize its assets. 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.

Read the rest of the article at finance.yahoo.com

Victory Nickel Inc.

DEVELOPMENT STAGE
CODE : NI.TO
ISIN : CA92647F1027
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Victory Nickel is a nickel development stage company based in Canada.

Victory Nickel develops nickel and palladium in Canada, and holds various exploration projects in Canada.

Its main asset in development is MINAGO in Canada and its main exploration properties are MEL PROPERTY and LAC ROCHER SULPHIDE NICKEL in Canada.

Victory Nickel is listed in Canada. Its market capitalisation is CA$ 1.7 millions as of today (US$ 1.3 millions, € 1.2 millions).

Its stock quote reached its highest recent level on January 08, 2010 at CA$ 2.20, and its lowest recent point on January 29, 2016 at CA$ 0.01.

Victory Nickel has 57 640 000 shares outstanding.

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Annual reports of Victory Nickel Inc.
2007 Annual report
Financings of Victory Nickel Inc.
7/31/2013Announces Successful Rights Offering to Shareholders
7/31/2013Announces Successful Rights Offering to Shareholders
6/14/2013Announces Rights Offering to Shareholders
Nominations of Victory Nickel Inc.
8/7/2013Announces Changes to Board of Directors
6/19/2012Creates Victory Silica Ltd., Appoints Ken Murdock as CEO, In...
Financials of Victory Nickel Inc.
4/1/2015Announces Fourth Quarter and Fiscal 2014 Financial and Opera...
Project news of Victory Nickel Inc.
4/14/2015Temporarily Suspends Frac Sand Production
10/9/2013Subsidiary Victory Silica Progressing Toward Frac Sand Produ...
4/12/2012(Minago)Drilling Nickel Bearing Area South of Minago Sulphide Nickel...
4/4/2012(Minago)Drill Program Progressing at Minago Sulphide Nickel Project
9/19/2011(Minago)Receives Board Approval to Proceed With Development of Minag...
8/24/2011(Minago)Granted Environment Act Licence for Minago Sulphide Nickel M...
8/16/2011(Minago)Estimates 21 Million to 34 Million Tonne ETMI in Minago Nort...
8/8/2011(Minago)Identifies Western Extension of Nose Deposit at Minago
7/25/2011(Minago)Completes Reporting of North Limb Drilling at Minago Project
7/20/2011(Minago)Reports Further Positive North Limb Drilling at Minago Proje...
6/28/2011(Minago)North Limb Drilling Continues to Return Positive Results at ...
5/2/2011(Minago)Increases Minago Pit-Constrained Measured & Indicated Resour...
2/28/2011(Minago)Winter Work Program Underway at Victory Nickel's Minago Proj...
Corporate news of Victory Nickel Inc.
12/14/2015Victory Nickel Unsecured Note Holder Provides Notice of Defa...
11/26/2015Victory Nickel Announces Debt Restructuring Package
10/2/2015Victory Nickel Granted Extension for Delisting Review by the...
10/2/2015TSX Delisting Review - Victory Nickel Inc. (Symbol: NI)
8/14/2015Victory Nickel Announces Second Quarter 2015 Financial and O...
8/5/2015Victory Nickel Comments on Remedial Delisting Review Initiat...
8/5/2015TSX Delisting Review - Victory Nickel Inc. (Symbol: NI)
7/31/2015Victory Nickel Updates Secured Debt Status
7/2/2015Victory Nickel Announces Non-Payment of Quarterly Interest o...
6/29/2015Victory Nickel Announces Results of Annual and Special Meeti...
4/22/2015Announces Loan Extension
4/14/2015Victory Nickel Announces Receipt of Payment for Lynn Lake Pr...
4/14/2015IIROC Trading Halt - NI
4/6/2015Announces Receipt of Payment for Lynn Lake Project Option
4/6/2015Victory Nickel Announces Receipt of Payment for Lynn Lake Pr...
4/1/2015Victory Nickel Announces Fourth Quarter and Fiscal 2014 Fina...
3/25/2015Victory Nickel Announces Management Change
3/25/2015Announces Management Change
3/18/2015Victory Nickel's Bear Coulee Frac Sand Project Exceeds API S...
3/18/2015Bear Coulee Frac Sand Project Exceeds API Specs
2/25/2015Victory Nickel Provides Update and Outlook for Frac Sand Ope...
2/3/2015Victory Nickel Announces NI 43-101 Resource on Wisconsin Fra...
1/9/2015Victory Nickel Expands Its Wisconsin Frac Sand Supply Chain
11/14/2014Victory Nickel Announces Third Quarter and Nine Month Financ...
11/12/2014Victory Nickel Board Approves Proceeding with Phase Two of F...
11/4/2014Victory Nickel Options Lynn Lake Nickel Project to Corazon M...
10/29/2014Victory Nickel Adds Final Crew to Operate 24/7 at 7P Frac Sa...
10/2/2014Victory Nickel Options Wisconsin Frac Sand Property
9/12/2014Victory Nickel Announces Consolidation of Common Shares
9/5/2014Victory Nickel to Present at the 16th Annual Global Investme...
8/14/2014Victory Nickel Announces Second Quarter Financial Results
8/13/2014Victory Nickel Enters Into Sales Contract for 20% of 7P Plan...
8/11/2014Victory Nickel Announces Successful Commissioning at 7P Frac...
7/7/2014Victory Nickel Announces Closing of Convertible Note Financi...
5/30/2014Victory Nickel Announces Results of Annual and Special Meeti...
5/28/2014Victory Nickel Reminder: Annual and Special Meeting of Share...
5/16/2014Victory Nickel Files Q1 Financial Statements
5/15/2014Victory Nickel Obtains Line of Credit for Frac Sand Business
4/30/2014Victory Nickel Applies for Amendment to Minago EAL
4/22/2014Victory Nickel and Nuinsco Announce Conversion of Loan to Di...
11/4/2013Provides Update on Frac Sand Plant Development
8/6/2013Silica Ltd., a Subsidiary of Victory Nickel Inc., Hires Frac...
8/2/2013Acquisition of Securities of Victory Nickel Inc. and Filing ...
7/17/2013Announces Hiring of Key Personnel, Equipment Orders for Albe...
7/11/2013Set to Begin Development of Seven Persons Frac Sand Plant
6/28/2013Announces Results of Annual and Special Meeting
5/28/2013Adopts Advance Notice By-Law
3/26/2013Announces Amended and Restated Loan Agreement
3/22/2013Completes $2.2 million Private Placement
2/25/2013Announces Filing of Application to Change Permit Status of S...
1/25/2013Announces Loan Agreement
1/9/2013Completes Asset Purchase Agreement for Seven Persons Sand Pl...
10/18/2012s Status of Victory Silica Frac Sand Initiative
6/26/2012Ken Murdock Discusses Plans for Victory Silica's Entry Into ...
5/14/2012Reports on Winter Programs
8/10/2011(Minago)Again Improves Economics at Minago
8/3/2011Identifies Depth Extension to Known Resource at Mel Nickel P...
7/26/2011Receives Draft Environment Act Licence
6/29/2011CORRECTION FROM SOURCE: Victory Nickel Receives Draft Enviro...
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