Victory Nickel (“Victory Nickel” or the “Company”) (CSE:NI, www.victorynickel.ca) today announced that it has completed the restructuring of its secured debt in the amount of $5,500,000 which was to mature on January 31, 2018. The amount has been increased to $7,050,000 to include accrued interest and the maturity date has been extended 18 months to July 31, 2019 (the “Amended Secured Loan”).
Other terms of the Amended Secured Loan remain the same as the existing secured debt except that the Company was to issue 2,500,000 shares at a deemed price of $0.05 as of December 31, 2017 and will issue an additional 2,500,000 shares on December 31, 2018 should the debt not be repaid.
Rene Galipeau, CEO, said:
“The price of nickel is seeing signs of improvement and is expected to perform well in the near future as demand for nickel in batteries grows. The Company’s projects are sulphide deposits which produce the high quality nickel necessary for electric car batteries. We continue to look at growth opportunities which are complementary to our existing frac sand activities and to strengthen our balance sheet. With the support of our lenders and suppliers, we are getting there.”