VVC Exploration Extends Closing Date of Private Placement

VVC Exploration Corporation (TSXV:VVC) announced that the closing date of its previously announced, ongoing Private Placement Financing of up to CA$1.5 million, will be extended until October 22nd, 2014. The Company also announced a debt conversion of CA$204,612 of its accounts payable by issuing to an non-arm’s length party 1,770,550 common shares of the Company at a price of $0.05 per share.

As quoted in the press release:

Each Unit consists of one common share and one common share purchase warrant (a “Warrant”) of the Company. Each Warrant entitles the holder to purchase one additional common share of the Company at $0.12 per share for the first 2 years and at $0.18 for the next 3 years. The net proceeds will be used to cover maintenance fees and option payments on the Company’s properties in Mexico, and to pay the Company’s accounts payables, general corporate expenses and operating expenses in Mexico.

Also the Company in the process of finalizing, subject to the acceptance of the TSXV, the debt conversion of CA$204,612 of its accounts payable by issuing to an non-arm’s length party 1,770,550 common shares (“Shares”) of the Company at a price of $0.05 per share and by issuing to arm’s length parties 2,321,500 Units of the Company at a price of $0.05 per Unit, subject to the acceptance of the TSXV. The Debt Conversion Units will be according to similar terms as the Private Placement Units. The Shares and Warrants pursuant to this transaction will be issued following receipt of the TSXV acceptance and all necessary signed documentation from the subscribing debt holders.

Click here to read the VVC Exploration Corporation (TSXV:VVC) press release