Virginia Mines Inc.: Closing of a $5,000,000 Flow-Through Share Private Placement
23.02.2012 | Marketwire
Not for distribution to U.S. newswire services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.QUEBEC CITY, QUEBEC -- (Marketwire - Feb. 23, 2012) - Virginia Mines Inc. (“Virginia“) (TSX: VGQ) announces that it has completed the private placement announced on February 2, 2012, which consisted of the issue by Virginia of 326,797 flow-through common shares (the “Flow-Through Shares“) at a price of $15.30 per Flow-Through Share, which price represents a 60% premium to the volume weighted average trading price of the common shares of Virginia for the 10 day period ended February 22, 2012. The Offering resulted in gross proceeds of CA$5,000,000 to Virginia.
National Bank Financial Inc. acted as lead agent and received a commission equal to 6% of the gross proceeds of the Offering. The Flow-Through Shares are subject to a four month hold period.
Proceeds from the Offering will be used to fund exploration work on Virginia's numerous projects.
About Virginia
Virginia is among the most active mining exploration companies in Quebec with a working capital of $43.6 million as at November 30, 2011, and 31,555,243 shares issued and outstanding as at February 22, 2012. Virginia trades on the Toronto Stock Exchange (TSX) under the ticker symbol “VGQ“. Virginia concentrates its activities on its numerous properties that are spread over the vast unexplored regions of northern Quebec.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in Virginia's periodic reports filed with the security commissions of Alberta, Ontario and Quebec, and in the annual report on Form 40-F filed with the U.S. Securities and Exchange Commission. Virginia undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events.
Contact Information
Virginia Mines Inc.
Amelie Laliberte, Investor Relations
800-476-1853 or 418-694-9832
418-694-9120 (FAX)
Virginia Mines Inc.
Andre Gaumond, President
800-476-1853 or 418-694-9832
418-694-9120 (FAX)
Virginia Mines Inc.
Paul Archer, V-P Exploration
800-476-1853 or 418-694-9832
418-694-9120 (FAX)
www.minesvirginia.com
mines@minesvirginia.com