Royal Nickel Corporation has completed the purchase of VMS Ventures having acquired all of the issued and outstanding common shares of VMS. VMS has now become a wholly-owned subsidiary of Royal Nickel.
Royal Nickel President Mark Selby says with the acquisition of VMS now complete he is pleased to add the diversification of a second producing asset to their portfolio. He says exposure to copper production from a thirty percent share in the Reed Mine in the well-established and prolific Flin Flon Snow Lake region in Manitoba is highly complimentary to their 66 percent interest in the Beta Hunt gold and nickel producing operation in Western Australia. Selby adds both Reed and Beta Hunt are cash generating assets that they expect will provide a stable platform for further growth and acquisitions.
The remaining seventy percent interest in the Reed Mine that officially opened in September of 2014 is held Hudbay who is the operator of the mine.