Victory Mountain Ventures Closes First Tranche of Private Placement
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/05/12 -- Victory Mountain Ventures Ltd. (TSX VENTURE: VMV) announces that the first tranche, with respect to the non-brokered private placement announced on July 30, 2012, has closed. The Company has raised $501,000 at a price of $0.15 per unit.
A total of 3,340,000 units at a price of $0.15 per unit were issued as non-flow-through units consisting of one common share and one share purchase warrant. One warrant will entitle the holder to purchase one additional common share of the company at a price of $0.22 per share until August 30, 2014.
Shares, warrants and any shares issued upon exercise of the warrants are subject to a hold period of four months expiring December 30, 2012. The proceeds of the private placement will be used to pay off the loan plus interest ($257,500) received by the Company in June 2012 and for general working capital.
The following pros participated in the private placement;
Pro group: Kerry Chow 200,000 units, Jacqueline Chow 150,000 units, Roberto Chu 152,000 units, Judy Chu 100,000 units.
Finders' fees: Haywood Securities Inc. - $46,500 cash and 310,000 Broker warrants convertible into units of the Company at an exercise price of $0.15 until expiration on August 30, 2013. Each unit comprises one share and one warrant exercisable at $0.22 until August 30, 2014.
The Company further reports that pursuant to its stock option plan, the Company has granted incentive stock options to its directors, officers, consultants, and employees to purchase in the total of 425,000 common shares in the capital stock of the company, subject to regulatory approval, exercisable for a period of five years, at a price of $0.18 per share.
Victory Mountain Ventures Ltd. (TSX VENTURE: VMV) is a Junior Exploration Company based in Western Canada. The Company has interests in Copper, Gold, Silver, Molybdenum and other base metals in Canada.
On Behalf of the Board of Directors
VICTORY MOUNTAIN VENTURES LTD.
Charles Desjardins, President and Director
Cautionary note:
This report contains forward looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. The production rate and mine-life projections have been made without support of a feasibility study, there is no certainty the proposed operations will be economically viable. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Contacts:
Victory Mountain Ventures Ltd.
Charles Desjardins
President and Director
604-683-5445
604-687-9631 (FAX)
info@victorymv.com
www.victorymv.com
