VANCOUVER, Nov. 9, 2011 /PRNewswire/ – VICTORY RESOURCES CORPORATION (the “Company”) is pleased to announce that it has arranged a non-brokered private placement which consists of up to 6,000,000 Non-flow-through Units. The total Non-flow-through proceeds arranged are up to $2,100,000.
Each Unit will be priced at $0.35 cents which will consist of one non-flow-through common share and one-half non-flow-through warrant. Each full warrant entitles the holder to purchase one common share at a price of $0.50 cents per share following 24 months from the closing date.
Proceeds of the Private Placement will be used for an ongoing work and drill program on its Mexican Reforma property as well as general working capital.
The company agreed to pay finders’ fees to arm’s-length qualified parties.
On behalf of The Board of Directors of Victory Resources Corporation.
Paul Lee, Director
