VVC Exploration – Closing of Private Placement Financing
October 21 2019 - 4:20PM
VVC Exploration Corporation (
"VVC" or the
"Company") (TSX-V:VVC) announces the following:
Private Placement Financing
VVC closed, on October 15, subscriptions for a
non-brokered Private Placement financing, previously announced on
July 30 and September 16, 2019. VVC raised approximately CA$2
(US$1.5) million and will issue to the placees an aggregate of
39,652,250 Units at a price of CA$0.05 per Unit. Each Unit
consists of one common share and one-half of one common share
purchase warrant entitling 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. In addition, the Company
will also be issuing 2,485,400 units to Novis Partners LLC, as a
Finder's Fee.
The proceeds of the Financing were for
exploration and development on the Kaity Property in Mexico,
including diamond drilling, land use permits and associated costs,
metallurgical bench testing of the copper mineralization, and
investigation, evaluation and implementation of the Gloria Pilot
Mining Project. In addition, the proceeds are for option
payments in Mexico, current accounts payable, general
administrative expenses, and working capital.
The TSX Venture Exchange ("TSXV") has
conditional accepted this Private Placement, which Closing will
occur following receipt of their final approval. All
securities issued pursuant to the Financing will be subject to the
applicable statutory, exchange and regulatory hold period of four
months and any other required resale restrictions.
Debt
Conversion
VVC intends to convert some $175,000 of its
indebtedness into Units of the Company along the same terms as the
Private Placement. One Insider of the Company will be
participating in the Debt Conversion but will not be entitled to
the warrants. Subject to obtaining the approval of the TSXV
and the various signed documentation from the participants, 3.5
million units will be issued. These securities will also 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 - (514)
631-2727E-mail: pfernet@vvcexploration.com |
|
or |
|
Eugene Braigen - (646)
245-3409E-mail: eugene@vvcexpl.com |
|
|
|
|
|
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.
VVC Exploration (TSXV:VVC)
Historical Stock Chart
From Mar 2024 to Apr 2024
VVC Exploration (TSXV:VVC)
Historical Stock Chart
From Apr 2023 to Apr 2024