VVC Extending Closing Date of $1.5 Million Private Placement and Expects to Close Shortly A Debt Conversion
VVC Exploration Corporation is pleased to announce that, subject to the acceptance of the TSX Venture Exchange, the closing date of its ongoing Private Placement Financing of up to CA$1.5 million representing 30 million units at a price of $0.05 per Unit (announced on Aug. 11) will be extended until October 22nd, 2014. Each Unit consists of one common share and one common share purchase warrant of the Company. Each Warrant entitles the holder to purchase one additional common share of the Company at $0.12 per share for the first 2 years and at $0.18 for the next 3 years. The net proceeds will be used to cover maintenance fees and option payments on the Company’s properties in Mexico, and to pay the Company’s accounts payables, general corporate expenses and operating expenses in Mexico.