Victory Nickel has completed its acquisition of fellow Canadian-based Independent Nickel, after the transaction was approved by Independent shareholders on 23 December 2008. As of 31 December 2008, Victory owned about 84% of the then issued and outstanding Independent shares. When the transaction became effective, on 31 December, Victory acquired the remaining 16% of the company. The firm now plans to file applications for the delisting of Independent’s shares from the TSX. The company owns sulphide nickel deposits in Manitoba and Quebec, while Independent Nickel’s main asset is the past-producing Lynn Lake nickel mine in Manitoba. It also owns a net smelter royalty in Victory Nickel’s Minago nickel property.