NEW YORK A&M International Ltd. has taken a
9.9-percent stake in Victory Nickel Inc. following the
completion of a $2.2-million private placement of shares.
Proceeds of the placement will be used for expenditures related
to the Victory Nickel and Victory Silica businesses, as well as
for general corporate purposes, according to the Toronto-based
Victory said it was London-based A&Ms first
investment in a Toronto Stock Exchange-listed company and North
American mining venture. A&M is a subsidiary of Dubai,
United Arab Emirates-based Alloy Metal International
Distribution Technology (AMIDT) Group.
We are very pleased to have A&M as a key investor and
partner in Victory Nickel as our Canadian nickel projects
advance toward development, and as Victory Silica evolves into
an operating business to establish Victory Nickels
presence in the frac sand market prior to commencing production
of both nickel and frac sand at the 100-percent-owned Minago
Mine in Manitoba, Victory vice chairman and chief
executive officer René Galipeau said in a statement.