Victory Nickel Nominees Appointed to Independent Nickel Board; Special Meeting of Shareholders Set to Consider Subsequent Acquisition Transaction
Sudbury, Ontario – October 9, 2008 – Independent Nickel Corp. (TSX:INI) (“Independent Nickel”) today announced that five directors have resigned from the board of directors of Independent Nickel and that four new directors have been appointed, all in accordance with the support agreement entered into between Independent Nickel and Victory Nickel Inc. (“Victory”) in respect of Victory’s offer (the "Offer") to acquire all of the outstanding common shares (the "Independent Shares") of Independent Nickel. Resigning from the board of Independent Nickel are Ron Arnold, Guy Mahaffy, Kerry Knoll, Thomas Obradovich and Conrad Swanson. The new directors of Independent Nickel are Rene Galipeau, Warren Holmes, Cynthia Thomas and George Archibald, who were nominated to the board of directors by Victory, which currently holds 46,741,434 Independent Shares, representing approximately 77% of the issued and outstanding Independent Shares. Richard Murphy and Wayne Whymark continue to act as directors of Independent Nickel.
Independent Nickel wishes to thank each of the outgoing directors for their guidance and dedication in growing the Company over the past three years.
It is anticipated that Independent Shares not tendered to the Offer by October 17, 2008, the expiry date of the Offer, will be acquired by Victory at the end of 2008 for the same per share consideration of 1.1 of a Victory Share that was offered in the Offer. A special meeting of Independent Nickel shareholders is planned for December of 2008, to approve this transaction. Further details pertaining to the meeting will be provided by Independent Nickel shortly. Victory owns sufficient Independent Shares to approve this acquisition, assuming no additional Independent Shares are issued. Independent Shares are expected to be delisted from the TSX upon the completion of this transaction.
FOR FURTHER INFORMATION PLEASE CONTACT:
Independent Nickel Corp.
Richard Murphy, President and CEO
Tel: (705) 521-8444
Email: info@independentnickel.com
Web: www.independentnickel.com
God Bless
