VVC Exploration: Private Placement Financing and Option Grant
21 Janvier 2014 - 2:00PM
Marketwired
VVC Exploration: Private Placement Financing and Option Grant
TORONTO, ONTARIO--(Marketwired - Jan 21, 2014) - VVC Exploration
Corporation ("VVC" or the "Company") (TSX-VENTURE:VVC) announces
that it expects to close, by the end of the month, a Private
Placement Financing of up to $1.5 million representing 30 million
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 the
first 2 years and at $0.18 for years 3, 4 and 5. The net proceeds
will be used to maintenance fees and option payments on the
Company's properties in Mexico pay accounts payables, general
corporate expenses, operating expenses in Mexico.
In addition, the Company announces the grant of additional
incentive stock options under its stock option plan, to certain
officers, directors and consultants of the Company, to purchase up
to an aggregate of 8,000,000 common shares, representing 5.26% of
the outstanding shares of the Company. The stock options are
exercisable at a price of CA$0.065 per share expiring January 20,
2018. Pursuant to the TSX Venture Exchange policies, the exercise
price was fixed by the closing market price of January 17, 2013.
The options will vest and be exercisable on the basis of 25% on the
date of grant and 25% every six months thereafter.
There are currently 9,800,000 options outstanding and
152,047,581 shares outstanding. The options were granted subject to
provisions of the Company's stock option plan which was approved by
shareholders on July 30, 2013, and are subject to the TSX Venture
Exchange policies and the applicable securities laws.
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.
Serge Cadorette(514) 631-2727scadorette@vvcexploration.com
VVC Exploration (TSXV:VVC)
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