Virginia Energy Announces Private Placement and Results of Annual General Meeting
/NOT FOR DISSEMINATION IN THE U.S. NOR FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN/
VANCOUVER, BC, Aug. 26, 2021 /CNW/ - Virginia Energy Resources Inc. (TSXV: VUI) ("Virginia Energy" or the "Company") is pleased to announce a proposed non-brokered private placement of up to 6.5 million common shares of the Company at a price of $0.20 per common share for gross proceeds of up to $1.3 million ("Private Placement").
The Private Placement is subject to certain conditions, including, but not limited to, receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The securities issued in connection with the Private Placement will be subject to a four-month hold period, in accordance with applicable securities laws. Finder's fees of up to 3% may be paid to certain finders.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold in the United States absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Results of Annual General Meeting
The Company is also pleased to announce the voting results from the Annual General Meeting held on August 11th in Vancouver, B.C. (the "Meeting"). A total of 16,939,305 common shares of the 57,405,614 common shares outstanding at the record date were voted at the Meeting, representing 29.5% of the issued and outstanding common shares of the Company at the record date.
Each of the following nominees set forth in the Company's management information circular dated July 12, 2021, was elected as a Director of the Company to hold office until the next annual meeting of shareholders or until their successors are elected or appointed: Walter Coles, Sr., Neal Keesee, Harold R. Roberts, and Joseph M. Kiely. Shareholders indicated overwhelming support for the nominees, with each nominee receiving greater than 99.5% votes "for" and less than 0.5% of votes "withheld". Similarly the other matters placed before shareholders at the meeting received near unanimous support as well: setting the number of directors at four, approving the reappointment of Smythe LLP, Chartered Professional Accountants, as the auditors of the Company, authorizing the Company's Board of Directors to fix the auditors' remuneration as well as ratifying and approving the Company's 10% rolling Stock Option Plan. Each of these other matters received 99.99% or more of votes cast "for" and 0.01% or fewer of votes cast "against."
About Virginia Energy
Virginia Energy Resources Inc. is a uranium development and exploration company. The Company holds a 100% controlling interest in the advanced stage Coles Hill uranium project located in south central Virginia, USA.
On Behalf of the Board of Directors of
VIRGINIA ENERGY RESOURCES INC.
Walter Coles, Sr.
President & CEO
Certain of the statements in this press release may constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, implications regarding the successful or unsuccessful closing of a private placement financing, or statements relating to filing of a lawsuit in federal court against the Commonwealth of Virginia. Forward-looking statements and forward-looking information generally express predictions, expectations, beliefs, plans, projections, or assumptions regarding future events or performance, they do not constitute historical fact and they are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those anticipated or implied in such information or statements. Forward-looking statements and information contained in this release are based on the beliefs, estimates, and opinions of management on the date the statements are made. There can be no assurance that such statements or information will prove to be accurate. Actual results may differ materially from those anticipated or projected.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
SOURCE Virginia Energy Resources Inc.
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