TORONTO, ONTARIO -- (Marketwire) -- 02/07/13 -- VVC EXPLORATION CORPORATION (TSX VENTURE: VVC)(FRANKFURT: V7S) ("VVC" or the "Company") is pleased to announce that following receipt of the final acceptance by the TSX Venture Exchange, the Company has closed its previously announced non-brokered private placement aggregating CA$958,500 representing 19,170,000 units of the Company ("Units") at a price of $0.05 per Unit. Each Unit consists of 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 $0.12 per share until January 24, 2014 and thereafter at $0.18 per share until January 24, 2015.
"We are very proud to have raised such an amount of financing in these very challenging market conditions, this proves once again the value and potential of VVC and Cumeral, our flagship gold property in Mexico." said Dr. James Culver, President and CEO of VVC.
The Company paid an aggregate of $44,820 in Finders' fees which represents 4.67% of the total funds raised. The securities issued pursuant to this private placement will be subject to a hold period expiring May 25, 2013. There are currently 90,222,581 shares issued and outstanding.
The total proceeds of $958,500 from this offering will be used for exploration on the Company's Cumeral Property in Mexico, property option payments, current accounts payable, current general corporate expenses, and for working capital, after covering the cost of the issue.
VVC Exploration Corporation is a Canadian exploration company with projects in Mexico and Canada, including gold/silver prospects in Sonora and Sinaloa states, Mexico and in the Timmins area of northern Ontario. VVC is also aggressively searching for other projects - mainly precious minerals and base metals at various stages of development in North America, with an emphasis on near-surface gold and silver projects in Mexico.
On Behalf of the board of Directors
Michel J. Lafrance, Secretary-Treasurer
Neither the TSXV nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this news release.
VVC Exploration Corporation
Most Popular Stories
- Islamic State Obliterating Cultural Landmarks in Mosul
- VW Site Could Mean Another 2,000 Jobs for Chattanooga
- Eid al-Fitr Celebrations Mark End of Ramadan
- Anarchy, Chaos Sweep Across Libya
- The 2014 Fastest-Growing 100
- Israeli Criticism of Kerry Annoys White House
- 'Lucy's' Super Powers Tops 'Hercules' at Box Office
- Hobby Lobby Ruling Exempts Satanic Temple From Hobby Lobby Ruling
- Oppression of Women Cripples Africa: Obama
- Vancrest Assisted Living Project to Add 20 Jobs