VIPR Industries to Raise Up to $1.2 Million Private Placement to Fund Further Exploration of Gold & Uranium Properties
August 13 2008 - 2:30AM
Marketwired
VIPR Industries Inc. (PINK SHEETS: VIPR)(FRANKFURT: VIN) ("VIPR")
announces that it is actively pursuing and intends to complete a
financing to raise gross proceeds of up to $1,200,000 via private
placement. Proceeds will be used to fund further exploration of
VIPR Industries' gold and uranium properties, including a Drilling
Program at its Singida Gold Property presently scheduled for early
2009, in addition to working capital and corporate purposes.
This week VIPR Industries reported positive phase I exploration
results from a grab sample program at its Singida Gold Property
confirming gold mineralization. Grab samples returned positive
assay results of up to 4.86 grams of gold per tonne. Third-party
aerial magnetic surveys have highlighted possible gold anomaly hot
zones and drill targets on the property, which lies directly
adjacent to the Shanta Gold Property. In addition airborne
radiometric surveys of the Company's Itigi Manyoni Uranium Property
have identified uranium anomalies indicating strong potential for
significant uranium mineralization, as announced in July.
Mr. Mike Gerstner, President & CEO of VIPR Industries,
commented: "With preliminary exploration work yielding positive
results we are eager to proceed to the next phase of Exploration."
Mr. Gerstner further added, "We are currently in positive
discussions with institutional investors and private accredited
investors outside of the United States. Some of the interested
parties may require the company co-list on the TSX Venture
Exchange.
A third party has agreed to act as agent for the private
placement and will receive a cash commission of 10% on the gross
proceeds of any financing raised. Completion of the financing will
be subject to certain conditions including SEC approval, and all
securities issued pursuant to the financing will be subject to a
hold period. Should any investors be interested in participating on
the company's subscription offering, please feel free to contact
the company at its head office for further information.
About VIPR Industries
VIPR Industries Inc. is a precious metals exploration and
development company focused on gold, uranium and other high quality
precious metal resources and reserves through mergers, acquisitions
and resource development.
For more information please visit
http://www.viprindustries.com.
Cautionary "Safe Harbor" Statement: Under the Private Securities
Litigation Reform Act of 1995. Some of the information included in
this press release and other documents by VIPR Industries Inc. (as
well as information included in statements made by its
representatives, about information about the business it is engaged
in or proposes to engage in or about acquisitions) may contain
forward looking statements. Such statements may refer to other
adjacent properties and company's and their announced / reported /
released estimates. Although VIPR is encouraged from its
property(s), there is no assurance that the same or similar
results, or mineralization will be found on VIPR's property(s).
Forward looking statements that do not relate strictly to
historical or current facts, often will be phrased in the future
tense and may include the words "may," "could," "should," "would,"
"believe," "expect," "anticipate," "estimate," "intend," "plan" or
other words or expressions of similar meaning. Forward looking
statements that relate to VIPR Industries Inc. ("VIPR") or its
present or proposed business are based on VIPR's current beliefs
and expectations about future events and include statements that
reflect management's beliefs, plans, objectives, goals,
expectations, anticipations and intentions with respect to VIPR's
financial condition, results of operations, future performance and
business, including statements relating to VIPR's business strategy
and VIPR Industries current and future development plans. Factors
that could cause actual results to differ materially from
projections include, among others, precious metals prices,
decisions and activities of the operator of the various properties,
unanticipated grade, geological, metallurgical, processing or other
problems the operator may encounter, changes in project parameters
as plans continue to be refined, economic and market conditions, as
well as other factors described elsewhere in this press release or
any other filings submitted by VIPR. In addition, acquired royalty
interests on certain projects are subject to risks associated with
conducting business in a foreign country, including application of
foreign laws to contract and other disputes, foreign environmental
laws and enforcement and uncertain political and economic
environments. Most of these factors are beyond the Company's
ability to predict or control. The Company disclaims any obligation
to update any forward-looking statement made herein. Readers are
cautioned not to put undue reliance on forward-looking
statements.
Contacts: VIPR Industries Inc. Investor Relations (416) 644-8648
Email: info@viprindustries.com Website: www.viprindustries.com