Independent Nickel Corp.

Independent Nickel Corp.

December 23, 2008 12:22 ET

Independent Nickel Corp. Announces Intention to Complete Amalgamation

TORONTO, ONTARIO--(Marketwire - Dec. 23, 2008) - Independent Nickel Corp. (TSX:INI) ("Independent") announced that at its special meeting of shareholders ("Shareholders") held earlier today in Toronto, Ontario, Canada, Shareholders approved the amalgamation (the "Amalgamation") of Independent and 2190583 Ontario Inc., a wholly-owned subsidiary of Victory Nickel Inc. ("Victory"), as described in the Independent Management Information Circular dated November 19, 2008 (the "Circular"). Of the voting Shareholders at today's meeting, 99.80% voted in favour of the Amalgamation. Details of the voting results will be filed on SEDAR (

Following the special meeting of Shareholders, the board of directors of Independent resolved to complete the Amalgamation and Rene Galipeau replaced Richard Murphy as the Chief Executive Officer and President of Independent. The Amalgamation is expected to occur effective January 1, 2009. Upon completion of the Amalgamation, Victory will own 100% of the common shares of the corporation resulting from the Amalgamation of Independent and 2190583 Ontario Inc.

As described in the Circular, on the effective date of the Amalgamation, Shareholders, other than Newco, will receive 1.1 common shares of Victory for each common share of Independent. This consideration is equal to the consideration provided under the take-over bid and offer to purchase made by Victory for all of the Independent Shares dated August 19, 2008, as amended.

Once the Amalgamation is effective, applications will be filed to de-list the common shares of Independent from trading on the Toronto Stock Exchange and for Independent to cease to be a reporting issuer.

Independent is currently a Sudbury-based mining company engaged in the acquisition, exploration and development of mineral resource properties, primarily those with the potential for near-term production or exhibiting potential for hosting a major mineralized deposit.

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