/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE
UNITED STATES/
VANCOUVER, BC, Oct. 29, 2020 /CNW/ - Victory Metals Inc.
("TSX-V:VMX") ("Victory" or the "Company")
announces it will be closing an additional non-brokered private
placement offering, raising gross proceeds of $200,000 through the issuance of 500,000 common
shares in the capital of the Company (the "Shares") at a
price of $0.40 per Share (the
"Additional Private Placement"). On October 8, 2020, the Company closed a
non-brokered private placement offering, pursuant to which it
raised $2,000,000 by issuing
5,000,000 Shares at a price of $0.40
per Share (the "Initial Private Placement").
The Additional Private Placement, following the recent
completion of the Initial Private Placement, was a response by the
Company to satisfy additional interest from investors in its
Shares. As with the Initial Private Placement, the net proceeds
from the Additional Privatement Placement will be used to advance
the Company's Iron Point Vanadium Project and for general working
capital purposes.
In connection with the Additional Private Placement, cash
finder's fees in an aggregate amount of $12,000 payable to an eligible finder are
applicable.
All securities to be issued in respect to the Additional Private
Placement will be subject to a hold period expiring March 1, 2021, being the date that is four months
and one day from the closing date of the Additional Private
Placement in accordance with applicable securities laws. Closing of
the Private Placement is subject to final acceptance by the TSX
Venture Exchange.
About Victory Metals
Victory owns a 100% interest in the Iron Point Vanadium Project,
located 22 miles east of Winnemucca,
Nevada. The project is located within a few miles of
Interstate 80, has high voltage electric power lines running
through the project area and a railroad line passing across the
northern property boundary. The Company is well financed to advance
the project through resource estimation and initial feasibility
study work. Victory has a proven capital markets and mining team
led by Executive Chairman Paul
Matysek. Major shareholders include Palisades Goldcorp
(48%), and management, directors and founders (27%).
Please see the Company's website at www.victorymetals.ca.
On Behalf of the Board of Directors of
VICTORY METALS INC.
Paul Matysek
Executive Chairman and Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statements Regarding Forward Looking
Information
This news release contains certain "forward-looking
information" and "forward-looking statements" (collectively
"forward-looking statements") within the meaning of applicable
securities legislation. All statements, other than statements of
historical fact, included herein, without limitation, statements
relating the future operating or financial performance of the
Company, are forward-looking statements. Forward-looking statements
are frequently, but not always, identified by words such as
"expects", "anticipates", "believes", "intends", "estimates",
"potential", "possible", and similar expressions, or statements
that events, conditions, or results "will", "may", "could", or
"should" occur or be achieved. Forward-looking statements in this
news release relate to, among other things, the completion of the
Private Placement and the use of proceeds of the Private Placement.
Actual future results may differ materially. There can be no
assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such statements. Forward-looking statements reflect
the beliefs, opinions and projections on the date the statements
are made and are based upon a number of assumptions and estimates
that, while considered reasonable by the Company, are inherently
subject to significant business, economic, competitive, political
and social uncertainties and contingencies. Many factors, both
known and unknown, could cause actual results, performance or
achievements to be materially different from the results,
performance or achievements that are or may be expressed or implied
by such forward-looking statements and the parties have made
assumptions and estimates based on or related to many of these
factors. Such factors include, without limitation, the Company's
failure to find suitable purchasers for the Private Placement, the
failure of the TSX Venture Exchange to approve the Private
Placement and management's discretion to reallocate the use of
proceeds. Readers should not place undue reliance on the
forward-looking statements and information contained in this news
release concerning these items. The Company does not assume any
obligation to update the forward-looking statements of beliefs,
opinions, projections, or other factors, should they change, except
as required by applicable securities laws.
SOURCE Victory Metals Inc