Victory Nickel Inc.: Victory Nickel Sells Minago Property, Closes Private Placement, Positions Company to Move Forward in Nickel and Industrial Minerals Markets
Victory Nickel or the
Company ) (CSE:NI) (www.victorynickel.ca) today announced that it has sold its Minago nickel property in northern Manitoba to Silver Elephant Mining Corp.
(
on the terms announced in the news release of January 22, 2021.
In a separate transaction, Silver Elephant acquired 100% of the Company s debt held by the Company s secured lender (the
Secured Debt ). The Secured Debt has been restructured such that the Company s secured debt has decreased to approximately US$5.4 million.
The sale of Minago to Silver Elephant provides for consideration to the Company as follows:
Victory Nickel Inc.: Victory Nickel Enters into Asset Purchase Agreement for Sale of Minago Property
Victory Nickel or the
APA ) with Silver Elephant Mining Corp.
(
for the conditional sale of the Company s Minago nickel property in northern Manitoba.
Subject to the acquisition by Silver Elephant of 100% of the Company s debt held by the Company s secured lender (the
Secured Debt ) and the restructuring, as defined in the APA, of the Secured Debt, the APA provides for consideration to the Company as follows:
A US$6,675,000 credit against certain secured debt owed by Victory Nickel to Silver Elephant at closing (the
Property Payment ).
Silver Elephant Mining Corp.: Silver Elephant Signs Definitive Agreement to Acquire Minago Nickel Project in Thompson Nickel Belt Manitoba, Canada
APA ) with Victory Nickel Inc. (
Victory Nickel ) to acquire the Minago Nickel Project located in Thompson nickel belt (
TNB ), Manitoba, Canada (the
Proposed Transaction Summary
Subject to the terms of the APA, Silver Elephant has agreed to acquire the Minago Project from Victory Nickel for aggregate consideration of US$11,675,000, which consists of a US$6,675,000 (
Property Payment ) credit against certain secured debt owed by Victory Nickel to Silver Elephant at closing and US$5,000,000 in Silver Elephant common shares (
Consideration Shares ) to be issued over a one-year period.
Silver Elephant Signs Definitive Agreement to Acquire Minago Nickel Project in Thompson Nickel Belt Manitoba, Canada saltlakecitysun.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from saltlakecitysun.com Daily Mail and Mail on Sunday newspapers.