Victory Mountain Ventures Announces Entry into Frac Sand Business
27.02.2014 | Marketwire
VANCOUVER, Feb 27, 2014 - Victory Mountain Ventures Ltd. (TSX VENTURE:VMV) ("Victory") announces that it has developed a business plan that focuses on the acquisition, development and measurement of high-quality silica fracking sand used in the Oil and Gas Industry. Frac sand is a crush resistant material used to increase the flow of oil and gas during hydraulic fracturing of wells.Victory is currently performing due diligence on a number of potential acquisitions in the silica sand space.
Director Patrick Morris, commented, "Currently Canadian Oil and Gas companies use approximately 3.5 million tonnes of fracking sand per year, 90% of which is imported from the mid-western United States. Our goal is to produce a local supply of high quality frac sand in Canada for Canadian Oil and Gas companies."
The Company continues to proceed with the financing previously announced February 18, 2014. Subject to the approval of the TSX Venture Exchange, the Company aims to issue up to 10,000,000 non flow-through units at a price of $0.05 per unit consisting of one common share and one half of one warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.10 per share for eighteen (18) months from the date of closing.
The proceeds of the private placement will be used to pursue opportunities to enhance shareholder value and for general working capital. Finder's fees, as allowed pursuant to the policies of the TSX Venture Exchange, may be payable in connection with the offering.
Victory Mountain Ventures Ltd. (TSX VENTURE:VMV) is a Junior Exploration Company based in Western Canada. The Company has interests in Copper, Gold, Silver, Molybdenum and other base metals in Canada.
On Behalf of the Board of Directors, VICTORY MOUNTAIN VENTURES LTD.
Charles Desjardins
President 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 note: This report contains forward-looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. The production rate and mine-life projections have been made without support of a feasibility study, there is no certainty the proposed operations will be economically viable. By their nature, forward-looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
Contact
Victory Mountain Ventures Ltd.
Charles Desjardins, President and Director
604-683-5445
604-687-9631
info@victorymv.com
www.victorymv.com