TORONTO, Jan. 23, 2018 (GLOBE NEWSWIRE) -- VVC Exploration Corporation (“VVC” or the “Company”) (TSX-V:VVC) announces the closing of subscriptions for a new equity non-brokered private placement financing (the “Equity Financing”) .
The Company opened a new Equity Financing to allow additional investors who were not able to participate in the last financing of December 20, 2017, to participate under the same terms and conditions. As of January 22, 2018, an aggregate of CA$ $869,885.00 (US$ 700,000) had been raised pursuant to the Equity Financing, and 17,397,700 additional Shares and 8,698,850 additional Warrants are reserved for issuance, subject to acceptance by the TSXV Venture Exchange. No insiders of the Company participated in the Equity Financing.
The Equity Financing included units of the Company (“Units”) at a price of CA$ 0.05 per Unit, whereby each Unit comprises one common share (a “Share”) and one-half of one common share purchase warrant (a “Warrant”) of the Company. Each full Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of CA$0.06 per share for a period of 3 years.
The proceeds of these Financings will be used for ongoing drilling program, maintenance fees and option payments on the Company’s Samalayuca Copper Project, and for fees and work related to its Cumeral and La Tuna projects in Mexico, general administration costs in Canada and Mexico and for working capital.
About VVC Exploration Corporation
VVC is a Canadian exploration and mining company with projects in Mexico and Canada, including the Samalayuca copper property 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. 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
E-mail: pfernet@vvcexploration.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.