VVC Exploration Announces Closing of $411,365 Private Placement
TORONTO, ONTARIO--(Marketwired - Oct 24, 2014) - VVC Exploration Corp. ("VVC" or the "Company") (TSX VENTURE:VVC) announces that it has that it has successfully completed a previously announced non-brokered private placement aggregating $411,365 and representing 8,227,300 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 for 2 years and thereafter at $0.18 per share until October 22nd, 2019. The securities being issued pursuant to this private placement will be subject to a hold period which expires on February 23rd, 2015.
The Company is paying $300 of finders' fees in cash. There are now 181,786,131 shares issued and outstanding.
The Company obtained conditional approval of the TSXV and will be forthwith submitting all required documents to the TSXV to secure their final acceptance. The net proceeds of this financing will be used to pay accounts payables, general corporate expenses, operating expenses in Mexico and maintenance fees on the Company's properties in Mexico.
The Company expects to complete a further private placement before the end of 2014. This further funding is needed as the Company is moving toward the startup of a pilot mine on its Samalayuca Copper project. The Company expects to begin the work on the startup in 2015 as soon as the land use and permitting approvals are received.
About VVC Exploration Corporation
VVC is a Canadian exploration and mining company with projects in Mexico and Canada, which includes a near production copper prospect 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. VVC is aggressively seeking to convert its near production copper project, Samalayuca, to pilot scale production, then full production.
On behalf of the Board of Directors
Michel J. Lafrance, Secretary-Treasurer
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.
This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward -looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those concerning the Company's anticipated plans to begin the work on the startup in 2015".
Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding future growth, plans for and completion of projects by Company's third party relationships, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of Company's anticipated projects, delays or changes in plans with respect to the development of Company's anticipated projects by Company's third party relationships, risks affecting the ability to develop projects, risks inherent in operating in foreign jurisdictions, the ability to attract key personnel, and the inability to raise additional capital. No assurances can be given that the efforts by Company will be successful. Additional assumptions and risks are set out in detail in the Company's MD&A, available on SEDAR at www.sedar.com.
Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.
