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 company.
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.