ONTARIO VICTORY NICKEL of Toronto has made an unsolicited offer for all the outstanding common shares of Sudbury's INDEPENDENT NICKEL. The offer is a straight one-for-one share exchange that represents a 32% premium on Independent's shares says Victory. Victory has tied a major condition to its offer. Shareholders of Independent must reject the deal announced on July 31, 2008, whereby the HUNTER DICKINSON GROUP would provide a financing of $14 million in return for 57% ownership f Independent Nickel.
Independent Nickel has set a shareholder meeting for Sept. 17 to consider the Hunter Dickinson transaction. Meanwhile, the board of Independent recommends shareholders take no action on the offer from Victory Nickel.
The two companies (www.VictoryNickel.com and www.IndependentNickel.com) have complementary nickel projects in Manitoba.
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