Victory Nickel Announces Management Changes
TORONTO, May 3, 2021 - Victory Nickel Inc. ("Victory Nickel" or the "Company") (CSE:NI) today announced that Mr. Sean Stokes has resigned as Interim CEO, Acting CFO and Corporate Secretary effective April 30, 2021. Ms. Cynthia Thomas, Executive Chair, will assume these responsibilities on an interim basis. "Mr. Stokes was a founding executive of the Company and valued member of the Victory Nickel team over the past fourteen years, stepping in as Interim CEO in late 2018. He has provided leadership in completing the recently announced sale of the Minago nickel property (announced February 21, 2021) and concurrent restructuring of the Company's secured debt. His contributions to the Company have been many. We have valued his dedication, strong work ethic and camaraderie," said Ms. Thomas.
As announced on March 31, 2021, Victory Nickel has engaged Grant Thornton as financial advisor to assess alternatives in the next phase of restructuring the Company's unsecured debt facilitated by the approximately US$5.75 million in liquidity generated through the sale of the Minago project.
There are no assurances that the Company will be able to restructure its remaining unsecured debt and there is no certainty as to what further steps, if any, the debtors, or the Company, will take.
About Victory Nickel
Victory Nickel Inc. is a Canadian company with significant NI 43-101 sulphide nickel resources in Manitoba and Quebec, containing significant NI 43-101-compliant nickel resources. Additionally, through a wholly-owned subsidiary, Victory Silica Ltd., Victory Nickel has established itself as a producer and marketer of industrial sands in the western Canadian marketplace from its 7P Plant in Medicine Hat, Alberta.
Contact:
Victory Nickel Inc.
Lesley Duncan, Administrator
647.988.7798
Email: admin@victorynickel.ca
www.victorynickel.ca
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. The forward-looking information contained in this news release, including information related to the completion and outcome of any debt restructuring activities reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. 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. 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.
SOURCE: Victory Nickel Inc.