TORONTO, ONTARIO--(Marketwire - Aug. 17, 2009) - Victory Nickel Inc. ("Victory Nickel" or the "Company") (TSX:NI) today announced that it has successfully completed its previously announced rights offering. The rights offering was fully subscribed, generating gross proceeds of approximately $3.9 million.

Pursuant to the rights offering the Company will issue 65,489,952 units (each, a "Unit"); each Unit comprises one Common Share and one half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Each Warrant entitles the holder to purchase one Common Share at a price of $0.12 during the 12 month period beginning at 9:00 a.m. (Toronto time) on August 18, 2010 and ending at 4:00 p.m. (Toronto time) on August 18, 2011.

Including the additional subscription privilege, a total of 111,933,989 Units were subscribed for, which exceeded the maximum number of Units issuable of 65,489,952 by 46,444,037, or 71%.

"We are very pleased with the outcome of the rights offering, and would like to thank all of our loyal shareholders for their continued support of Victory Nickel," said Vice-Chairman and CEO Rene Galipeau. "This financing will allow the Company to continue to advance its nickel projects."

About Victory Nickel

Victory Nickel Inc. is a Canadian company with four sulphide nickel deposits containing significant 43-101-compliant nickel resources. Victory Nickel is focused on becoming a mid-tier nickel producer by developing its existing properties, Minago, Mel and Lynn Lake in Manitoba, and Lac Rocher in northwestern Quebec, and by evaluating opportunities to expand its nickel asset base. Victory Nickel also owns approximately 6% of Wallbridge Mining Company Limited (TSX:WM) the third largest landholder in the Sudbury Basin.

For further information, please visit the Company's website at www.victorynickel.ca. Should you wish to receive Company news via email, please email catarina@chfir.com and specify "Victory Nickel" in the subject line.