TORONTO, ONTARIO–(Marketwired – Nov. 14, 2017) – VVC Exploration Corporation (“VVC” or the “Company“) (TSX VENTURE:VVC) is pleased to provide an update on its financings previously announced on September 26 and October 31, 2017.
Financings:
A total of 28,144,850 Shares and 13,303,675 Warrants were issued last week for aggregate value of CA,407,242.50 pursuant to a 1st Closing of a non-brokered equity private placement financing (the “PP Financing”) and a debt conversion of certain indebtedness owed by the Company (the “Debt Conversion”).
The PP Financing comprises units of the Company (“Units”) at a price of CA{$content}.05 per Unit, whereby each Unit consists of one common share (a “Share”) and one-half of one common share purchase warrant (a “Warrant”) of the Company. Each full Warrant entitles the holder to purchase one additional common share of the Company for a period of three years, at an exercise price of CA{$content}.06 per share. The Offering of up to CA million will remain open until November 30, 2017, following which a 2nd Closing will take place.
Pursuant to the 1st Closing, an aggregate of 25,149,850 Shares and 12,574,925 Warrants were issued for proceeds of CA,257,492.50. The proceeds will be used for ongoing drilling program, maintenance fees and option payments on the Corporation’s Samalayuca Copper Project, and for fees and work related to its Cumeral and La Tuna projects in Mexico and for working capital. There are no commissions or finders’ fees payable on this financing. The Company has obtained the conditional acceptance of the TSXV Exchange. Insiders of the Company subscribed for an aggregate of CA$ 200,285 will receive 4,005,700 Shares and 2,002,850 Warrants which represents 15.9% of the aggregate offering.
Pursuant to the Debt Conversion of CA9,750 of indebtedness, the subscribers received Units with the same terms as the Equity Financing subscribers as disclosed above, and as such received an aggregate of 2,995,000 Shares and 728,750 Warrants. The Debt Conversion was accepted for filing by the TSXV. Insiders of the Company have subscribed for CA,875 and received 1,537,500 Shares, but will not receive any Warrants.
Subscriptions for an additional CA5,000 were not included in the 1st Closing because the required documentation was received in time, and will be included in the 2nd Closing. The Company also intends to complete additional Debt Conversion if additional subscriptions are received.
The previously announced non-brokered convertible 3-year Debenture private placement financing of up to US million which was conditionally accepted for filing by the TSXV will remain open until the end of November.
The financings described herein are subject to all necessary regulatory requirements including the final acceptance of the TSXV, if not already obtained. All securities issued pursuant to the offering will be subject to the applicable statutory, exchange and regulatory hold period of four months.
About VVC Exploration Corporation
VVC is a Canadian exploration and mining company with projects in Mexico and Canada, including the Samalayuca copper property 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. Visit our website at: http://vvcexpl.com.
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.
