TORONTO, ONTARIO — (Marketwired) — 01/21/14 — VVC Exploration Corporation (“VVC” or the “Company”) (TSX VENTURE: VVC) announces that it expects to close, by the end of the month, a Private Placement Financing of up to $1.5 million representing 30 million units at a price of $0.05 per Unit. Each Unit consists of 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 $0.12 per share for the first 2 years and at $0.18 for years 3, 4 and 5. The net proceeds will be used to maintenance fees and option payments on the Company’s properties in Mexico pay accounts payables, general corporate expenses, operating expenses in Mexico.
In addition, the Company announces the grant of additional incentive stock options under its stock option plan, to certain officers, directors and consultants of the Company, to purchase up to an aggregate of 8,000,000 common shares, representing 5.26% of the outstanding shares of the Company. The stock options are exercisable at a price of CA$0.065 per share expiring January 20, 2018. Pursuant to the TSX Venture Exchange policies, the exercise price was fixed by the closing market price of January 17, 2013. The options will vest and be exercisable on the basis of 25% on the date of grant and 25% every six months thereafter.
There are currently 9,800,000 options outstanding and 152,047,581 shares outstanding. The options were granted subject to provisions of the Company’s stock option plan which was approved by shareholders on July 30, 2013, and are subject to the TSX Venture Exchange policies and the applicable securities laws.
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, 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:
Serge Cadorette
(514) 631-2727
[email protected]
