TORONTO, Nov. 25, 2019 (GLOBE NEWSWIRE) -- VVC Exploration Corporation ("VVC" or the "Company") (VVC.V) announces the following:
The Company announced in a news release of October 21, its intention to convert certain outstanding indebtedness as at October 31, 2019, into Units of the Company, up to CA$175,000. The Company has received the necessary documentation from the participants and finalized this Debt Conversion. As such, an aggregate of CA$200,910 of indebtedness was converted into 4,018,200 common Shares ("Shares") and 2,631,000 common share purchase warrant ("Warrants"), each Warrant entitling the holder to purchase one additional common share of the Company at an exercise price of CA$0.06 per share, expiring October 25, 2022. Two Insiders of the Company participated in the Debt Conversion, but were not entitled to receive Warrants. The Company is awaiting final acceptance of the TSXV. These securities will be subject to the applicable statutory, exchange and regulatory hold period of four months and any other required resale restrictions.
Private Placement Financing
The Company closed, on October 25, a Private Placement financing for approximately CA$2 (US$1.5) million at a price of CA$0.05 per unit. The Company has now reopened a new Private Placement financing (the "Financing") for CA$2 (US$1.5) million at a price of CA$0.05 per unit. Each unit ("Unit") comprises 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. A finder's fee may, in certain circumstances, be paid to certain individuals who will be instrumental in introducing investors to Company in conjunction with the Financing, and the finder can elect to take his fee in Units instead of cash.
The proceeds of the new Financing were for development on the Kaity Property in Mexico, including permits and associated costs, metallurgical testing, investigations, evaluations and implementation of the Gloria Pilot Mining Project. In addition, the proceeds will be used for option payments on our properties in Mexico, exploration on other properties in Mexico, current accounts payable, general administrative expenses, and working capital.
The Financing is expected to close in early 2020 and will be subject to obtaining the acceptance of the TSXV, and all securities to be issued pursuant to the Financing will be subject to the applicable statutory, exchange and regulatory hold period of four months and any other required resale restrictions.
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|
|E-mail: firstname.lastname@example.org||E-mail: email@example.com|
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.