VIPR Industries Announces Additional Financing Commitments, and Other Events
September 08 2009 - 11:59AM
Marketwired
VIPR Industries Inc. (PINK SHEETS: VIPR) ("VIPR") is pleased to
announce it has received additional financing commitments for up to
$1 Million, to be followed by an anticipated non binding commitment
for an additional $5 Million.
VIPR (the "Company") has to date received approximately $500,000
in financing during the previous quarter. The funding has been
collected in stages from accredited investors who have provided the
Company with a commitment for an additional $500,000 in funding.
Once the $1 Million goal has been attained which the Company
expects to be completed within the next quarter, an additional $5
Million commitment is likely to be exercised with the same
accredited investors. Although the financing commitments are on a
best efforts basis with no assurances that the total amount can or
will be collected, the Company is optimistic which is as a result
of its recent success in raising funding during what is thought to
be by many in the industry as a difficult period for junior
exploration and mining companies.
VIPR has been accumulating its cash reserves in expectation of
utilizing these reserves jointly for further exploration on
existing properties as well as additional key targeted acquisitions
and/or joint ventures. The joint opportunities were not available
prior to the previous quarter due to financial constraints. The
more funding the company can secure, the healthier its options on
various fronts. In other developments, VIPR has identified and
isolated what it believes to be key target zones to be used towards
any further exploration on its Singida-Londoni property in
Tanzania. Additionally the Company has recently been using the
services of key, well established professionals in the industry who
are facilitating some key introductions on potential sought after
acquisitions and/or joint venture opportunities. Further news and
updates to be released as they become available.
Safe Harbor
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
(The "Act"). In particular, when used in the preceding discussion,
the words "pleased," "plan," "confident that," "believe," "expect,"
or "intend to," and similar conditional expressions are intended to
identify forward looking statements within the meaning of the Act
and are subject to the safe harbor created by the Act. Such
statements are subject to certain risks and uncertainties and
actual results could differ materially from those expressed in any
of the forward-looking statements. Such risks and uncertainties
include, but are not limited to, general economic conditions,
inherent mining risks, market conditions, competitive factors, the
ability to successfully complete additional financings and other
risks described in the Company's filings and website, which all
investors are advised to view at
viprindustries.com/motion.asp?menuid=6266&lgid=1&siteid=100382.
Contacts: VIPR Industries Inc. Investor Relations (702) 940-0494
Email: info@viprindustries.com Website: www.viprindustries.com