| Victory Nickel Announces Non-Payment of Quarterly Interest on Debt | |
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TORONTO, July 1, 2015 (GLOBE NEWSWIRE) -- Victory Nickel Inc. ("Victory Nickel" or the "Company") (TSX:NI, www.victorynickel.ca) today announced that it was not able to make the quarterly interest payment due June 30, 2015 on the US$5.15 million senior secured 14.8% notes (the "SPA Loan") dated as of April 24, 2014 and amended June 3, 2015 and approximately $6.0 million of convertible unsecured promissory notes. The SPA Loan is secured by the assets of the Company.
The Company is continuing with discussions among the holder of the SPA Loan and other potential financing sources to restructure the Company's debt and recapitalize the Company. There can be no assurance that the Company will be able to restructure its debt and/or recapitalize and there is no certainty as to what steps the lenders may take in light of these defaults.
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.
Please visit the Company's website at www.victorynickel.ca. Should you wish to receive Company news via email, please email cathy@chfir.com and specify "Victory Nickel" in the subject line.
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. 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.
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Victory Nickel Inc.
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EN DÉVELOPPEMENT |
CODE : NI.TO |
ISIN : CA92647F1027 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Victory Nickel est une société développant des projet miniers de nickel basée au Canada. Victory Nickel est en développement de projets de nickel et de palladium au Canada, et détient divers projets d'exploration au Canada. Son principal projet en développement est MINAGO au Canada et ses principaux projets en exploration sont MEL PROPERTY et LAC ROCHER SULPHIDE NICKEL au Canada. Victory Nickel est cotée au Canada. Sa capitalisation boursière aujourd'hui est 1,7 millions CA$ (1,3 millions US$, 1,2 millions €). La valeur de son action a atteint son plus haut niveau récent le 08 janvier 2010 à 2,20 CA$, et son plus bas niveau récent le 29 janvier 2016 à 0,01 CA$. Victory Nickel possède 57 640 000 actions en circulation. |