Virgin Metals Announces Closing of Private Placement

Virgin Metals Inc. (TSX:VGM)reported that the company has completed a private placement of 7,981,818 equity units at a price of $0.055 per Unit resulting in gross proceeds of $439,000 to Virgin Metals.

The press release is quoted as saying:

Virgin Metals is a junior exploration and development company; its projects include two copper-molybdenum porphyry properties in Sonora, northern Mexico. One of these, Los Verdes, has been the subject of a pre- feasibility study and is expected to evolve rapidly towards production while the other, Cuatro Hermanos, has been the focus of an intense exploration effort.

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