TORONTO, Dec. 15, 2017 (GLOBE NEWSWIRE) — VVC Exploration Corporation (“VVC” or the “Company”) (TSX-V:VVC) is pleased to provide an update on its ongoing financings from the previous update of December 15, 2017.
Financings
The Company wishes to extend, subject to the TSX Venture acceptance, the deadline for the final closing of a non-brokered equity private placement financing of up to CA$2 million (the “PP Financing”) from December 15 to December 20, 2017. The first closing of the Private Placement occurred on October 31, 2017.
The Company also wishes to extend, subject to the TSXV acceptance, the deadline for the closing of a non-brokered convertible 3-year Debenture private placement financing of up to US$2 million (the “Debenture Financing”) from December 15 to December 20, 2017. There has been no previous closing.
The Company is expecting to close from both private placements an aggregate of about $500,000. 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.
Debt Conversions
The Company has received the TSX Venture acceptance for a Debt Conversion of $214,742 of accrued interest payable on a Debenture issued in November and also $3,750 of trade payables. An aggregate of 4,369,840 shares and 37,500 warrants were issued to settle the indebtedness. The shares were valued at $0.05 per share, were less than what was erroneously reported on November 1. Each Warrant entitles the holder to purchase one additional share until November 30, 2020, at an exercise price of CA$0.06 per share. All securities issued pursuant to the Debt Conversions are 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
For further information, please contact:
Patrick Fernet
E-mail: [email protected]
Phone: (514) 631-2727
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.
Original Article: https://globenewswire.com/news-release/2017/12/16/1263007/0/en/VVC-Exploration-Financing-Update.html
