Victory set to acquire Independent

Victory Nickel, based in Toronto, Canada, has made an unsolicited offer for all the outstanding common shares of Independent Nickel, based in Sudbury, Canada. Victory has tied a major condition to its offer. Shareholders of Independent must reject the deal announced on 31 July 2008, whereby the Hunter Dickinson Group would provide a financing of CND 14 million in return for 57% ownership of Independent Nickel. Independent Nickel has set a shareholder meeting set for 17 September 2008 to consider the Hunter Dickinson transaction. Meanwhile, the board of Independent recommends shareholders take no action on the offer from Victory Nickel. Victory Nickel and Independent Nickel have complementary nickel projects in Manitoba.
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