Jien International Investment Ltd.

August 04, 2009 08:30 ET

Jien International Investment Ltd. Acquires Securities of Victory Nickel Inc.

OTTAWA, ONTARIO--(Marketwire - Aug. 4, 2009) - Jien International Investment Ltd. ("JIIL") announces the acquisition of 38,500,786 Common Shares (the "Shares") of Victory Nickel Inc. ("Victory") from Nuinsco Resources Ltd. ("Nuinsco") pursuant to a securities purchase agreement dated July 31, 2009. The Shares represent approximately 14.7% of the issued and outstanding Common Shares of Victory. In addition to the Shares, JIIL also acquired from Nuinsco 11,850,876 rights to acquire units of Victory pursuant to the terms of Victory's rights offering dated June 24, 2009. JIIL paid an aggregate of US$2,700,000 (approximately CDN$2,829,060) to Nuinsco for the Shares and associated rights.

Immediately after closing of the acquisition from Nuinsco JIIL owns 49,721,786 Common Shares of Victory, representing approximately 18.9% of the issued and outstanding Common Shares of Victory. JIIL also owns 13,350,876 rights to acquire 3,337,719 Units of Victory, representing approximately 5% of the outstanding rights of Victory pursuant to the terms of Victory's rights offering. On a partially diluted basis (assuming that JIIL exercises all of its rights to acquire 3,337,719 Common Shares), JIIL would own approximately 19.9% of the issued and outstanding Common Shares of Victory.

The Shares have been acquired for investment purposes. JIIL may increase, pursuant to the exercise of the rights to acquire Units of Victory or otherwise, or decrease their investment in Victory depending on market conditions or any other relevant factor.

About JIIL

JIIL is a wholly owned subsidiary of Jilin Jien Nickel Industry Co., Ltd. ("Jilin Jien") and is located at 264 Lisgar Street, Suite 603 Ottawa, Ontario K2P 0C8. Jilin Jien was created from the assets of the former Jilin Nickel Industry Group (now Jilin HOROC Nonferrous Metal Group Co., Ltd.). An integrated nonferrous metals enterprise, Jilin Jien is principally involved in the production and sale of nickel sulfate, nickel matte, electrolytic nickel, nickel hydroxide, nickel chloride, copper sulfate, copper concentrate and sulfuric acid. Jilin Jien is one of the biggest producers of nickel sulfate in the world, with annual output of 25000 tons of nickel sulfate. Jilin Jien was the first listed company in China's nickel industry. Jilin Jien's shares trade on the A-share market of the Shanghai Stock Exchange with stock code of 600432.

Contact Information

  • Jien International Investment Ltd.
    Michael Bryden