THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
VAL-D’OR, Quebec, Oct. 18, 2018 (GLOBE NEWSWIRE) -- Val-d’Or Mining Corporation (TSX-V:MZZ) (the “Company”) is pleased to announce that it has completed the previously announced non-brokered private placement offering (the “Offering”) for gross proceeds of $255,000.
The Company issued 2,318,180 Units under the Offering at a per Unit price of $0.11, each Unit comprised of one common share in the capital of the Company and one-half of one non-transferable common share purchase warrant, each whole warrant (a “Warrant”) exercisable for the purchase of one common share of the Company at a per share price of $0.15 until October 18, 2021.
The net proceeds raised from the Offering will be used by the Company to conduct further exploration work on its Oregon Prospect in Abitibi, Québec, and for general corporate purposes. All securities issued under the Offering, including common shares underlying the Warrants, are subject to a hold period until February 19, 2019, in accordance with applicable securities legislation and the policies of the TSX Venture Exchange.
Aggregate administration fees of $6,000 were paid by the Company to two subscribers under the Offering.
The Company is also pleased to announce that Frank Mariage, a partner at Fasken Martineau DuMoulin LLP, has been appointed as a director of the Company. Mr. Mariage joined Fasken Martineau’s global mining group in June 2012 and represents mining companies and guides them during the discovery, sale, and processing of mineral deposits in Canada and elsewhere. He was Chairman of the Board of the Québec Mineral Exploration Association from 2015 to 2018.
About Val-d’Or Mining Corporation
Val-d’Or Mining Corporation is a junior natural resource issuer involved in the process of exploring, evaluating and promoting its mineral property assets. The Company holds an option to acquire a 100% interest in 61 grassroots properties in the Abitibi Greenstone Belt, located in NE Ontario and NW Québec; in addition to which it holds a 100% interest in the Shoot-Out Prospect, consisting of 63 claims located in the Raglan Belt of Nunavik, Québec, subject to a 3% NSR. The Company continues to review new opportunities.
For additional information, please contact:
Glenn J. Mullan
2864 chemin Sullivan
Val-d’Or, Québec J9P 0B9
Tel.: 819-824-2808, x 204
Email: glenn.mullan@goldenvalleymines.com
Forward Looking Statements:
This news release contains certain statements that may be deemed “forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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 news release.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.