VIPR Industries to Raise Up to $1.2 Million Private Placement to Fund Further Exploration of Gold & Uranium Propertiesadmin
Wednesday, August 13th 2008
VIPR Industries Inc. announces that it is actively pursuing and intends to complete a financing to raise gross proceeds of up to $1,200,000 via private placement. Proceeds will be used to fund further exploration of VIPR Industries’ gold and uranium properties, including a Drilling Program at its Singida Gold Property presently scheduled for early 2009, in addition to working capital and corporate purposes.
This week VIPR Industries reported positive phase I exploration results from a grab sample program at its Singida Gold Property confirming gold mineralization. Grab samples returned positive assay results of up to 4.86 grams of gold per tonne. Third-party aerial magnetic surveys have highlighted possible gold anomaly hot zones and drill targets on the property, which lies directly adjacent to the Shanta Gold Property. In addition airborne radiometric surveys of the Company’s Itigi Manyoni Uranium Property have identified uranium anomalies indicating strong potential for significant uranium mineralization, as announced in July.
Mr. Mike Gerstner, President & CEO of VIPR Industries, commented: “With preliminary exploration work yielding positive results we are eager to proceed to the next phase of Exploration.” Mr. Gerstner further added, “We are currently in positive discussions with institutional investors and private accredited investors outside of the United States. Some of the interested parties may require the company co-list on the TSX Venture Exchange.
A third party has agreed to act as agent for the private placement and will receive a cash commission of 10% on the gross proceeds of any financing raised. Completion of the financing will be subject to certain conditions including SEC approval, and all securities issued pursuant to the financing will be subject to a hold period. Should any investors be interested in participating on the company’s subscription offering, please feel free to contact the company at its head office for further information.
VIPR Industries Inc. is a precious metals exploration and development company focused on gold, uranium and other high quality precious metal resources and reserves through mergers, acquisitions and resource development.
For more information please visit http://www.viprindustries.com.