Business
Virgin Metals Announces Closing of $1.9 Million Private Placement
TSX Symbol: VGM Shares Outstanding: 84,881,246
About this update from Minera Alamos Inc.
[{"type":"text","content":"\n\n\n\nTSX\n\n\nSymbol: VGM\n\n\nShares Outstanding: 84,881,246\n\n\nTORONTO, March 18 /CNW Telbec/ - Virgin Metals Inc. (TSX: VGM) ("Virgin\nMetals") announces that it has completed a private placement of\n5,929,361 equity units ("Units") at a price of $0.32 per Unit resulting in\ngross proceeds of $1,897,395 to Virgin Metals. Each Unit consists of one\ncommon share of Virgin Metals ("Common Share") and one-half of one common\nshare purchase warrant ("Warrant"). One whole Warrant will entitle the holder\nto subscribe for one Common Share at $0.48 at any time for two years from\nclosing.\n\n\nThe net proceeds of the financing will be used to complete a feasibility\nstudy for Virgin Metals' Los Verdes molybdenum/copper property located in\nSonora, Mexico, continue exploration work on the Cuatro Hermanos\ncopper/molybdenum property located in Sonora, Mexico and for general corporate\npurposes.\n\n\nIn connection with the financing, Virgin Metals paid total cash finder\nfees of $110,363 and issued 344,887 finder warrants ("Finder Warrants"). One\nFinder Warrant will entitle the holder to acquire one Unit for $0.32 at any\ntime for two years from closing.\n\n\nAll of the securities issued in connection with the financing will be\nsubject to a four month hold period from the date of issue.\n\n\nAbout Virgin Metals\n\n\nVirgin Metals is a junior exploration and development company; its\nprojects include two copper-molybdenum porphyry properties in Sonora, northern\nMexico. One of these, Los Verdes, is undergoing a feasibility study and is\nexpected to evolve rapidly towards production while the other, Cuatro\nHermanos, is presently the focus of an intense exploration effort.\n\n\nFORWARD-LOOKING STATEMENTS\n\n\nThis press release includes certain "forward-looking information" within\nthe meaning of the Securities Act (Ontario), including, but not limited to,\nstatements as to timing and extent of exploration programs and the\navailability of exploration results. As such, forward-looking information\naddresses future events and conditions and so involves inherent risks and\nuncertainties, as disclosed under the heading "Risk Factors" and elsewhere in\nVirgin Metals documents filed from time to time with the Ontario Securities\nCommission and other regulatory authori...