Victory Metals Announces Terms of CDN$8 Million Equity Financing

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[{"type":"text","content":"\n \n \n \n Victory Metals Announces Terms of CDN$8 Million Equity Financing\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n \n /THIS PRESS RELEASE IS NOT INTENDED FOR RELEASE OR DISSEMINATION\n \n \n \n \n IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Dec. 7, 2020\n \n /CNW/ -\n \n Victory Metals Inc.\n \n (TSXV: VMX)\n \n (\"Victory\")\n \n is pleased to announce that it will be conducting a non-brokered private placement financing (the \"\n \n Private Placement\n \n \") of at least 14,545,455 subscription receipts of Victory (\"\n \n Subscription Receipts\n \n \"). The Subscription Receipts will be issued at a price of\n \n $0.55\n \n per Subscription Receipt (the \"\n \n Subscription Price\n \n \") for aggregate gross proceeds of at least\n \n $8 million\n \n .\n \n \n \n \n \n \n \n \n \n On\n \n November 20, 2020\n \n , Victory and Nevada King Mining Ltd. (\"\n \n \n Nevada King\n \n \n \") announced a merger of equals transaction (the \"\n \n Merger\n \n \") under which Victory will acquire all the issued and outstanding shares of\n \n Nevada King\n \n (\"\n \n Nevada King Shares\n \n \") for common shares of Victory (the \"\n \n Victory Shares\n \n \"), with the shareholders of\n \n Nevada King\n \n to hold 50% of the issued and outstanding Victory Shares on completion of the Merger. In addition to customary conditions to completion of the Merger, including shareholder, court and regulatory approvals, a key business condition is the completion of an\n \n $8 million\n \n financing at an effective price per Victory share of not less than\n \n $0.50\n \n . While Palisades Goldcorp Ltd., a major shareholder of both\n \n Nevada King\n \n and Victory, has provided a \"backstop\" commitment to subscribe for any portion of the Private Placement that is not taken up by other investors, Victory is undertaking the Private Placement at this time to offer other investors the opportunity to participate, as well as to satisfy this condition to completion of the Merger as soon as practical. Completio...

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