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VVC Exploration closes private placement and acquires properties in Northern Ontario
VVC Exploration closes private placement and acquires properties in Northern Ontario.
About this update from Vvc Exploration Corporation
[{"type":"text","content":"\n\n\n\nTORONTO, Dec. 7 /CNW Telbec/ - VVC EXPLORATION CORPORATION (\"VVC\" or the\n\"Company\") announces that it has finalized a non-brokered private placement at\n30 cents per unit with total subscriptions amounting to $507,000 for 1,690,000\nunits. Each unit comprises one common share and one share-purchase warrant to\npurchase an additional share at $0.50 until December 7th, 2008. The net\nproceeds after will be used for working capital, reduction of accounts\npayable, exploration of properties in Canada, ongoing search for new\nproperties in Canada and abroad and engaging an independent Qualified Person\nto review new projects under consideration. The shares will be subject to\nresale restrictions for four months. The Private Placement has not yet been\naccepted for filing by the TSX Venture Exchange. Insiders of the Company\nsubscribed to this private placement for an aggregate of 280,000 units at a\ncost of $84,000, representing 16.6% of the total placement. An aggregate of\n$32,259 in cash and 33,470 shares will be paid as Finders' fees to persons\ninstrumental in arranging the placement.\n\n\nThe Company is continuing to search for and evaluate new resource\nprojects in and around China. VVC is currently evaluating several different\nWorld class projects in Western China. M. Pierre Thibault, VP Exploration, has\nbeen in the field for the last 2 months evaluating appropriate properties for\nVVC and it's shareholders. The well-renowned geological and mining consulting\nfirm, Scott Wilson Roscoe Postle & Associates, is assisting VVC in accessing\nthe merits of such properties. Any developments on this front will be\nannounced on a timely basis.\n\n\nVVC also announces that it has signed Sale and Purchases Agreements to\nacquire 100% interest in 2 grass-roots exploration properties in the townships\nof Playfair and Grenfell, located about 80 km east-southeast of Timmins, in\nthe Abitibi Greenstone Belt of Northern Ontario. The consideration for the\npurchase is the issuance of 225,000 common shares of the Company and the\nretention by the vendor of a 3% net smelter return. The Company intends to\ncarry-out preliminary exploration on the properties this winter at an\nestimated cost of about $30,000. In addition, the Company has also signed\nProperty Option Agreements whereby the Company could acquire, in the same\narea,...