VVC Announces Closing of a US$75,000 Debenture Placement
TORONTO, ONTARIO--(Marketwired - May 28, 2015) - VVC Exploration Corp. ("VVC" or the "Company") (TSX VENTURE:VVC) is pleased to announce the closing, subject to the approval of the TSX Venture Exchange, of a US$75,000 convertible debenture financing (the "Debenture).
The Debenture bears interest at 2% per month for a term of 6 months, renewable for up to two (2) additional six-month periods, to a maximum of 18 months. The Debenture is convertible into units at CA$0.05 per share, at any time after 4 months. Each unit comprises 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 $0.08 per share and will expire in 5 years.
The net proceeds will be used to cover maintenance fees and option payments on the Company's properties in Mexico, and settle other obligations.
About VVC Exploration Corporation
VVC is a Canadian exploration and mining company with projects in Mexico and Canada, which includes a near production copper prospect in Chihuahua State, and gold and silver prospects in Sonora and Sinaloa States, Mexico. The Company also has a grassroots gold/VMS prospect in the Timmins area of northern Ontario. VVC is aggressively seeking to convert its near production copper project, Samalayuca Cobre, to pilot scale production, then full production.
On behalf of the Board of Directors
Michel J. Lafrance, Secretary-Treasurer
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.