VVC Exploration Corporation Completes Financing
21.09.2012 | Marketwire
TORONTO, ONTARIO -- (Marketwire - Sept. 21, 2012) - VVC Exploration Corporation (TSX VENTURE:VVC) (FRANKFURT:V7S) ("VVC" or the "Company") is pleased to announce that it has completed a financing aggregating $387,500 representing 7,751,620 units at a price of $0.05 per Unit. 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 until August 31, 2013 and thereafter at $0.18 per share until August 31, 2014.As per the news release dated July 27, 2012, a first tranche of 2,950,120 units for gross proceeds of $147,506 was completed and now a second tranche of 2,950,120 units for an amount of $240,075 has been concluded. Total insider participation in this offering amounted to 36.9%.
«This concludes our financing round for the moment and although the initial plan was to issue 30 million units for $1.5 million, the current proceeds will help us advance our exploration program on Cumeral, our flagship gold property in Mexico» said Dr. James Culver, President and CEO of VVC.
Finders' fees totalling $4,320 are payable pursuant to this final tranche. The securities issued pursuant to this private placement will be subject to an escrow period expiring four months and one day following closing.
The total proceeds of $240,075 from the second tranche of offering will be used to cover the cost of issue, general corporate expenses and for exploration on the Company's Cumeral property in Mexico.
About VVC:
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.
Contact
VVC Exploration Corporation
Patrick Fernet, Vice-President
514-631-2727
pfernet@vvcexploration.com
http://www.vvcexploration.com