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Virgin Metals Announces Closing of $8 Million Private Placement
Virgin Metals Announces Closing of $8 Million Private Placement.
About this update from Minera Alamos Inc.
[{"type":"text","content":"\n\n\n\nTSX Venture Exchange\n\n\nSymbol: VGM\n\n\nShares Outstanding: 76,650,130\n\n\nTORONTO, April 19 /CNW Telbec/ - Virgin Metals Inc. ("Virgin Metals")\n(TSX-V: VGM) announces that it has completed the previously announced private\nplacement of 16,000,000 equity units ("Units") at a price of $0.50 per Unit\nresulting in gross proceeds of $8,000,000 to Virgin Metals, which included the\nexercise of the over-allotment option (the "Financing"). Each Unit consists of\none common 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 $0.75 at any time until April 19, 2009.\n\n\nSprott Asset Management Inc. purchased 6,000,000 Units as part of the\nFinancing.\n\n\nThe net proceeds of the Financing will be used to prepare a feasibility\nstudy for Virgin Metals' Los Verdes molybdenum/copper located in Sonora,\nMexico, commence exploration work on the Cuatro Hermanos copper/molybdenum\nlocated in Sonora, Mexico and for general corporate purposes.\n\n\nPowerOne Capital Markets Limited ("PowerOne") has been paid a commission\nequal to 6% of the aggregate gross proceeds and has received a broker warrant\nto acquire up to 1,600,000 Units ("Broker Unit Warrants") representing 10% of\nthe number of Units issued under the Financing. One Broker Unit Warrant will\nentitle the holder to acquire one Unit for $0.50 at any time until April 19,\n2009.\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\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 expected to evolve rapidly towards\nproduction while the other, Cuatro Hermanos, is expected to be the focus of\nexpanded 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\naddres...