Royal Nickel Corp.said April 27 that it has completed the previously announced of VMS Ventures Inc. by way of a plan of arrangement.
Pursuant to the arrangement, Royal Nickel has acquired all ofVMS Ventures' issued and outstanding common shares by issuing an aggregate of 36million Royal Nickel shares and about C$3.5 million to former VMS Venture shareholders.
Following the completion of the acquisition, Royal Nickel nowholds a 30% stake in the Manitoba-based Reed copper mine. Meanwhile, VMS Ventures has become a whollyowned subsidiary of Royal Nickel.
The company also intends to acquire the remaining 34% of theBeta Hunt nickel-goldmine in Western Australia by May-end, through issuing 24,324,066 shares. The acquisitionis subject to shareholder approval at the annual and special meeting of shareholdersto be held May 18.
Royal Nickel already holds a 66% stake in Beta Hunt.