VVC Exploration Announces A Brokered Private Placementadmin
VVC EXPLORATION CORPORATION is pleased to announce that it intends to raise up to $770,000 in a brokered “best efforts” private placement of units of the Company (“Units”) at a price of $0.07 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 a period of one year following the closing of the offering. The proceeds from the offering will be used for exploration on the Corporation’s mineral properties in Mexico and Canada, in particular the Cumeral Property in Mexico, property option payments, current accounts payable, current general administrative expenses, the cost of issue and for working capital.
VVC has engaged Palos Merchant Bank L.P. (“Palos”) acting through its sole general partner, Palos Management Inc., in Montreal, Quebec as the lead investment banker for this offering. A commission or finders’ fee (the “Fees”) equal to 10% of the proceeds is payable to Palos or any other party instrumental in raising funding. In order to conserve cash, the Fees will be paid partially in cash and partially by issuing shares at $0.07 per shares.
The offering is subject to all necessary regulatory requirements including the approval of the TSX Venture Exchange. All securities issued pursuant to the offering will be subject to the applicable statutory, exchange and regulatory hold period of four months. The offering is expected to be completed in early April.