TORONTO, Dec. 17, 2018 (GLOBE NEWSWIRE) -- VVC Exploration Corporation (“VVC” or the “Company”) (TSX-V:VVC) announces the closing of subscriptions for a previously announced (Oct 10) equity non-brokered private placement financing (the “Financing”).
An aggregate of CA$2,212,510.00 (approximately US$1,700,000) has been raised pursuant to the Financing, and 44,250,200 additional Shares and 22,125,100 additional Warrants are being issued, subject to the final acceptance by the TSXV Venture Exchange. After issuing the Shares, there will be 305,766,461 shares issued and outstanding. The Shares and Warrants will be subject to the Statutory 4-month Hold Period in Canada expiring April 15, 2019. One insider of the Company, Mr. Terrence Martell, participated in 3.3% of the Financing.
The Equity Financing included units of the Company (“Units”) at a price of CA$ 0.05 per Unit, whereby each Unit comprises one common share (a “Share”) and one-half of one common share purchase warrant (a “Warrant”) of the Company. Each full Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of CA$0.06 per share for a period of 3 years expiring December 15, 2021.
The Company obtained conditional approval of the TSXV and will be forthwith submitting all required documents to the TSXV to secure their final acceptance. The proceeds of these Financings will be used for ongoing drilling program, maintenance fees and option payments on the Company’s Samalayuca Copper Project, and for fees and work related to its Cumeral and La Tuna projects in Mexico, general administration costs in Canada and Mexico, accounts payable and for working capital.
About VVC Exploration Corporation
VVC is a Canadian exploration and mining company with projects in Mexico and Canada, including the Samalayuca copper property in Chihuahua State, and gold and silver prospects in Sonora and Sinaloa States, Mexico. The Company also has a grassroots gold/VMS prospect in the Timmins area of northern Ontario. Visit our website at: http://vvcexpl.com.
On behalf of the Board of Directors
Michel J. Lafrance, Secretary-Treasurer
For further information, please contact:
Patrick Fernet - (514) 631-2727
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.