TORONTO, ONTARIO--(Marketwired - Oct. 3, 2013) - VVC Exploration Corporation ("VVC" or the "Company") (TSX VENTURE:VVC) is pleased to announce that further to its news release of September 5, 2013, the Share Purchase Agreement (the "Agreement") between VVC, Camex Mining Development Group Inc. ("Camex") and the shareholders of Camex (the "Vendors") has been signed by all parties. Pursuant to the terms of the Agreement, VVC will purchase all of the 6,649,200 issued and outstanding shares of Camex, in exchange for the issuance of 59,900,000 common shares of the Company (the "Issued Shares") to the Vendors at closing (the "Transaction"). The Issued Shares will represent approximately 39.9% of all issued and outstanding common shares of the Company on a non-diluted basis, and approximately 33.0% on a fully-diluted basis. The Issued Shares will be subject to resale restrictions imposed by the TSX Venture Exchange for a period of 4 months from closing.
Camex was incorporated in 2010 and is in the business of developing mineral resources primarily in Mexico. The principal assets of Camex are the shares it holds in the capital of Samalayuca Cobre, S. A. de C. V. ("Samalayuca") as well as the Escondida Property in northern Mexico. Samalayuca has an option to acquire the Kaity claim measuring 1623 hectares and covering a stratiform sedimentary copper deposit over a mineralized zone with a strike length of at least 5 km. Camex owns 33.75% of Samalayuca with another 25% owned by Firex, S. A. de C. V., a mining engineering company planning a $7M pilot plant, which could generate cash flow when in production. The Escondida Property is an epizonal gold‐silver deposit, with three major mineralized structures, covering 178 hectares. The Escondida Property has shown interesting grade values of silver and gold in surface grab samples.
Closing of the Transaction is subject to, among other things, the final approval of the TSX Venture Exchange. The Transaction is set to close as soon as possible or convenient after the receipt of such approval.
Further particulars regarding the Transaction are disclosed in the Company's news releases dated September 5, August 2, July 3, June 4, May 1 and April 12, 2013, as well as in the Information Circular dated July 2, 2013 which was mailed to the shareholders of VVC.
About VVC Exploration Corporation
VVC is a Canadian exploration company with projects in Mexico and Canada, which include a gold prospect in Sonora State and a gold placer prospect in Sinoloa State, both in Mexico. The Company also has grass-roots gold prospects in the Timmins area of northern Ontario. In addition, VVC is aggressively searching for other projects - especially precious minerals and base metals at various stages of development in North America, mainly in Mexico, Québec and Ontario.
On behalf of the Board of Directors
Michel J. Lafrance, Secretary-Treasurer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (hereinafter collectively referred to as "forward-looking statements"). The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by VVC at the time of preparation, may prove to be incorrect. Forward-looking statements, including expectations with respect to issuing VVC shares on closing of the Transaction, are subject to a number of conditions, including the TSX Venture Exchange acceptance, and to certain other risks and uncertainties, and actual results may differ materially from VVC's plans and expectations. There can be no assurance that the Transaction will be completed as proposed or at all. VVC does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investors are cautioned that, except as disclosed in the Information Circular prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of VVC should be considered highly speculative.
All forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.