Vertical Exploration Announces Private Placement

Vancouver, British Columbia (FSCwire) - Vertical Exploration Inc. (NEX: VERT) (the "Company") is pleased to announced that it will offer, by way of a non-brokered private placement, up to 6,818,182 "flow through" units (each a "Flow Through Unit") at a price of $0.11 per Flow Through Unit, and up to 7,500,000 non flow through units (each a "NFT Unit") at a price of $0.10 per NFT Unit, for aggregate gross proceeds of $1.5 million. 

Each FT Unit will be comprised of one "flow through" common share and one-half of a warrant.  Each NFT Unit will be comprised of one non-flow through common share and one whole warrant.  Each whole warrant will be exerciseable at $0.20 per share, for a period of 2 years from issuance, subject to acceleration if the trading price of the common shares is $0.25 or greater for a period of 10 consecutive trading days. In such event, the Company may, in its sole discretion, accelerate the expiry date to a date that is 30 days after the Company issues a news release announcing same.

The Company may, in its sole discretion, pay finders' fees to its agents, within NEX guidelines.

The private placement is subject to the approval of the NEX.

Proceeds from the private placement will be used for qualifying expenditures, the Company's operating expenses and for general working capital.

ON BEHALF OF THE BOARD

"Peter P. Swistak"

Peter P. Swistak, President

For further information, please contact:

Telephone: 604 683 3995

Toll Free: 1 888 945 4770

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.

To view the original release, please click here

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