Vaaldiam Closes $1,050,000 Private Placementadmin
Vaaldiam Resources Ltd. wishes to announce that it has closed a private placement of flow-through and non flow-through shares for aggregate proceeds of $1,050,000. The flow-through share portion of the placement involved the issuance of 12,500,000 shares at $0.06 per share for proceeds of $750,000 while the non flow-through portion of the placement involved the issuance of 7,500,000 shares at $0.04 per share for proceeds of $300,000.
The shares issued under the above private placement will be subject to a four month hold period under applicable Canadian securities legislation expiring on February 15, 2009. The Company plans to use the proceeds from the flow-through share offering for general exploration expenditures that will constitute Canadian Exploration Expenses (as defined in the Income Tax Act) and such expenses will be renounced for the 2008 taxation year. The proceeds of the non flow-through share offering will be used for general working capital purposes.