Victory Resources Corporation (CSE:VR)(FWB:VR61)(OTC PINK:VRCFF) ("Victory" or the "Company") announces a non-brokered private placement of up to 18,181,818 units (each a "Unit") at a price of $0.055 per Unit for gross proceeds of up to $1,000,000. Each Unit will consist of one common share and one common share purchase warrant (each a "Warrant"). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of CDN $0.07 per share for a period of 24 months from the date of closing and are subject to an acceleration clause that may be triggered (after the initial hold period of the shares has expired) should the shares trade at or above $0.20 for a period of 10 days
Finder's fees may be paid in both cash and finders warrants (having the same terms as the Warrants) in connection with a portion of this private placement pursuant to the policies of the CSE.
The proceeds from the sale of Units will be used for the on going exploration and drilling program on its Smokey Lithium Property located in Esmeralda County, Nevada, as well as towards general working capital in furtherance of the Company's business.
The securities to be issued under the placement will be subject to a four-month statutory hold period in accordance with applicable securities laws.
Victory is a publicly traded junior international mining corporation with interests in North America. The company is currently developing its existing projects including its recently optioned Loner property in Nevada adjacent to Goldbanks, its recently acquired Smokey Lithium property in Nevada adjacent to American Lithium's flagship property, its British Columbia Mal-Wen property and its other properties including, Black Diablo in Nevada, Hammond Reef South in Ontario adjoining Agnico Eagle's Hammond Reef mine, and Lac Simard in Quebec within 20 k of 3 operating gold mines including Agnico Eagle's Goldex, Canadian Malartic mines and Eldorado Gold's Lamaque mine.
For further information, please contact:
Mark Ireton, President
Telephone: +1 (236) 317 2822 or
TOLL FREE 1 (855) 665-GOLD (4653)
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Victory Resources Corp.
View source version on accesswire.com: