TORONTO, ONTARIO, Jun 10, 2015 (Marketwired via COMTEX) — VVC Exploration Corporation ("VVC" or the "Company") (VVC) is pleased to announce that the TSX Venture Exchange has given conditional acceptance of a US$75,000 convertible debenture financing (the "Debenture) which was announced on May 28, 2015.
In order to secure the conditional acceptance, the Company was required to make some changes to the Debenture which bears interest at 2% per month for a term of 18 months. The term was originally contemplated to be 6 months, renewable for up to two (2) additional six-month periods, to a maximum of 18 months. The Debenture is convertible into units at any time after 4 months, at CA$0.05 per unit until June 4, 2016, and thereafter at CA$0.10 per unit until December 4, 2016. Each unit comprises one common share and one common share purchase warrant (a "Warrant") of the Company. Each Warrant entitles the holder to purchase one additional common share of the Company at $0.05 per share and will expire in 5 years. Up to 3 million shares and 3 million warrants are being reserved for issuance on conversion.
The net proceeds is being used to cover maintenance fees and option payments on the Company's properties in Mexico, and settle other obligations.
The Company is currently working on another financing, the details of which will be announced at a later date.
About VVC Exploration Corporation
VVC is a Canadian exploration and mining company with projects in Mexico and Canada, which includes a near production copper prospect 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. VVC is aggressively seeking to convert its near production copper project, Samalayuca Cobre, to pilot scale production, then full production.
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.
Contacts: VVC Exploration Corporation Serge Cadorette (514) 631-2727 [email protected] SOURCE: VVC Exploration Corporation
Original Article: http://www.marketwatch.com/story/vvc-announces-amendments-to-a-us75000-debenture-2015-06-10-8173338
