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VVC Exploration Closes Subscriptions on $958,500 Financing
By: Marketwired .
Jan. 24, 2013 05:59 PM
TORONTO, ONTARIO -- (Marketwire) -- 01/24/13 -- VVC EXPLORATION CORPORATION (TSX VENTURE:VVC)(FRANKFURT:V7S) ("VVC" or the "Company") is pleased to announce that it has closed subscriptions for a previously announced non-brokered private placement. Subscriptions received aggregate $958,500 and represent 19,170,000 units of the Company ("Units") at a price of $0.05 per Unit, exceeding the target of $850,000. 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 1 year and thereafter at $0.18 per share until 2 years after closing.
The Company will be submitting all required documents to the TSX Venture Exchange ("TSXV") to secure their final acceptance. Closing of this private placement will occur following receipt of the TSXV final acceptance. Shareholders will be advised on a timely basis on any further developments. The securities to be issued pursuant to this private placement will be subject to the customary 4-month hold period expiring.
The total proceeds of $958,500 from this offering will be used for exploration on the Company's Cumeral Property in Mexico, property option payments, current accounts payable, current general corporate expenses, and for working capital, after covering the cost of the issue.
VVC Exploration Corporation is a Canadian exploration company with projects in Mexico and Canada, including gold/silver prospects in Sonora and Sinaloa states, Mexico and in the Timmins area of northern Ontario. VVC is also aggressively searching for other projects - mainly precious minerals and base metals at various stages of development in North America, with an emphasis on near-surface gold and silver projects in Mexico.
On Behalf of the board of Directors
Michel J. Lafrance, Secretary-Treasurer
Neither the TSXV nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this news release.
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