TORONTO, July 30, 2019 (GLOBE NEWSWIRE) — VVC Exploration Corporation (“VVC” or the “Company”) (TSX-V:VVC) announces the Company is raising up to CA$2.5 million (approx. US$2.0) in a non-brokered private placement of units of the Company (“Units”) at a price of $0.05 per Unit. Each Unit consists of one common 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 for a period of three years, at an exercise price of CA$0.06 per share. The proceeds of the offering will be used to pay for exploration and development on the Samalayuca property, land use permits and associated costs, metallurgical bench testing of the copper mineralization, and proposed pilot mining investigation and evaluation process. In addition, the money will used for option payments in Mexico, current accounts payable, general administrative expenses, and working capital.
The Company is not anticipating paying a commission at this time, however should a commission be paid, it will not exceed the allowable limits imposed by the TSXV. The financing is expected to close within 30 days.
The offering is subject to all necessary regulatory requirements including the approval of the TSX Venture Exchange. All securities issued pursuant to the offering will be subject to the applicable statutory, exchange and regulatory hold period of four months and any other required resale restrictions.
About VVC Exploration Corporation
VVC is a Canadian exploration and mining company focused on the exploration and development of copper and gold deposits in Northern Mexico, specifically the Kaity Copper Project located in in Chihuahua State. VVC has other projects in Mexico and Canada, including gold and silver prospects, Cumeral and La Tuna, in Sonora and Sinaloa States, Mexico and 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 | |
| E-mail: [email protected] | |
| Phone: (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.
Original Article: https://www.globenewswire.com/news-release/2019/07/30/1893622/0/en/VVC-Announces-Private-Placement-Financing.html
