Virgin Metals Announces Closing of Private Placement

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[{"type":"text","content":"\n\n\n\nTSX\n\n\nSymbol: VGM\n\n\nTORONTO, May 19 /CNW Telbec/ - Virgin Metals Inc. ("Virgin Metals")\nannounces that it has completed a private placement of 13,750,000 equity units\n("Units") at a price of $0.04 per Unit resulting in gross proceeds of $550,000\nto Virgin Metals. Each Unit consists of one common share of Virgin Metals\n("Common Share") and one-half of one common share purchase warrant\n("Warrant"). One whole Warrant will entitle the holder to subscribe for one\nCommon Share at $0.08 at any time for two years from closing.\n\n\nThe net proceeds of the financing will be used for general corporate\npurposes.\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, has been the subject of a pre-feasibility\nstudy and is expected to evolve rapidly towards production while the other,\nCuatro Hermanos, has been the focus of an intense exploration effort.\n\n\nFORWARD-LOOKING STATEMENTS\n\n\nThis press release includes certain "forwardlooking 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, forwardlooking 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 authorities. Actual results could differ\nsignificantly from those currently projected as a result of, among those\nfactors, adverse weather, regulatory changes, delays in receiving permits,\naccidents and delays in completing exploration activities not all of which are\nin the control of Virgin Metals. The forwardlooking information contained\nherein is Virgin Metals reasonable estimate today of future events and\nconditions, but no assurance can be given that such events or conditions will\noccur.\n\n\n","length":2367,"tagName":"div"}]

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