VVC Exploration - Placement Financings, Bonus Shares & Options Grant
TORONTO, Oct. 10, 2018 (GLOBE NEWSWIRE) -- VVC Exploration Corporation (“VVC” or the “Company”) (TSX-V:VVC) announces:
Equity Financing
The Company’s non-brokered equity private placement financing (the “Financing”) has been increased to CA$2.5 from the previously announced $1.2 million. The Company has raised to-date about CA$1.9 million and expects to close by November 5.
The Financing comprises units of the Company (“Units”) at a price of $0.05 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$0.06 per share.
The Financing is subject to all necessary regulatory requirements, including the acceptance by the TSXV Venture Exchange (“TSXV”). It is expected that Insider participation will less than 25% of the Financing. All securities issued pursuant to the offering will be subject to the applicable statutory, exchange and regulatory hold period of four months.
The proceeds of these Financings will be used for ongoing drilling program, maintenance fees and option payments on the Company’s Samalayuca Copper Project, and for fees and work related to its Cumeral and La Tuna projects in Mexico, general administration costs in Canada and Mexico and for working capital.
Bonus Shares
The TSXV has accepted for filling the Bonus Issuance of 2 million shares to Mr. Terrence Martell, the Chairman of the Board of Directors of the Company, which was approved by the disinterested shareholders of the Company at the Meeting of August 21. The shares are been valued at $0.03 per shares and will be subject to 4-month hold period as required by the TSXV. Mr. Martell now holds 5,804,200 common shares of the Company, representing 2.2% of the currently 263,516,261 outstanding and issued shares.
Stock Option Plan
The TSXV has accepted for filling the Company 2018 Stock Option Plan (the “2018 Plan”) which was approved by the disinterested shareholders of the Company at the Meeting of August 21. The 2018 Plan contains the same basic terms as the 2015 Plan, except that the number of shares reserved was increase to 52 million. The 2018 Plan will be filled on SEDAR.
The Company granted incentive stock options to officers, directors and consultants of the Company, to purchase up to an aggregate of 14,600,000 common shares, representing 5.5% of the outstanding shares of the Company. The percentage grant by are as follows: Officers 22%, non-officer Directors 55% and Consultants 23%. The stock options are exercisable at a price of CA$0.05 per share expiring October 9, 2028, being the minimum allowable price of the TSXV. The options, granted in accordance with the provisions of the 2018 Plan, 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, 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
For further information, please contact:
Patrick Fernet - (514) 631-2727
E-mail: pfernet@vvcexploration.com
Eugene Braigen - (646) 245-3409
E-mail: eugene@vvcexpl.com
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.
