TORONTO, Sept. 16, 2019 (GLOBE NEWSWIRE) -- VVC Exploration Corporation (“VVC” or the “Company”) (VVC.V) announces the following:
Private Placement Financing
As previously announced on July 30, 2019, VVC is raising up to CA$2.5 million in a non-brokered private placement of units of the Company at a price of CA$0.05 per Unit. Each Unit consists of one common share and one-half of one common share purchase warrant entitling the holder to purchase one additional common share of the Company for a period of three years, at an exercise price of CA$0.06 per share. The Company will pay a Finder's Fee, not to exceed 7% of the aggregate amount raised by the Finder, to be paid by the issuance of up to 3,500,000 common shares and 1,750,000 warrants.
The TSX Venture Exchange has conditional accepted this Private Placement which Closing was to occur on September 12, 2019, but the Company has requested that the Closing be extended to October 11. Subscriptions received to date amount to about CA$1.8 million.
In conjunction with the Private Placement, VVC will also be converting up to $200,000 of its indebtedness to Units of the Company along the same terms as the Private Placement. Insiders of the Company will be participating in the Debt Conversion but will not be entitled to the warrants. Up to 4 million Units could be issued.
About VVC Exploration Corporation
VVC is a Canadian exploration and mining company focused on the exploration and development of copper and gold deposits in Northern Mexico, specifically the Kaity Copper Project located in in Chihuahua State. VVC has other projects in Mexico and Canada, including gold and silver prospects, Cumeral and La Tuna, in Sonora and Sinaloa States, Mexico and a grassroots gold/VMS prospect in the Timmins area of Northern Ontario. Visit our website at: http://vvcexpl.com.
|On behalf of the Board of Directors|
|Michel J. Lafrance, Secretary-Treasurer|
|For further information, please contact:|
| Patrick Fernet - (514) 631-2727 |
|or|| Eugene Braigen - (646) 245-3409 |
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.