Business
VVC Exploration completes private placement and Beaver Brook is financed
VVC Exploration completes private placement and Beaver Brook is financed.
About this update from Vvc Exploration Corporation
[{"type":"text","content":"\n\n\n\nTORONTO, Feb. 26 /CNW Telbec/ - VVC EXPLORATION CORPORATION (VVC: TSX-V)\n(V7S: FSE / BBSE) ("VVC" or the "Company") announces that it has closed\nsubscriptions for a non-brokered private placement at 33 cents per unit with\ntotal subscriptions amounting to $480,000 for 1,440,000 units. Each unit\ncomprises one common share and one share-purchase warrant to purchase an\nadditional share at $0.50 until February 26th, 2009. The net proceeds after\nwill be used for working capital, reduction of accounts payable, exploration\nof existing properties in Canada, ongoing search for new properties in Canada\nand abroad and when required engaging an independent Qualified Person to\nreview new projects under consideration. The shares will be subject to resale\nrestrictions for four months. The Private Placement has not yet been accepted\nfor filing by the TSX Venture Exchange. An aggregate of $44,000 in cash will\nbe paid as Finders' fees to a person instrumental in arranging the placement.\n\n\nVVC also announces that Beaver Brook Antimony Mines Inc. ("BBAM")\nrecently completed a financing of CA$ 7 million for the purpose of restarting\nproduction at its antimony mine located in central Newfoundland. VVC also\nannounces that it has finalized a transaction to sell 400,000 shares of BBAM.\nVVC continues to hold 1,820,425 shares of BBAM representing 18.2% of the\nissued and outstanding shares of BBAM.\n\n\nThe Company is continuing to search for and evaluate new resource\nprojects in Canada and China. Any developments on this front or any other\nmaterial developments will be announced on a timely basis.\n\n\nAbout VVC:\n\n\n----------\n\n\nVVC Exploration Corporation is a Canadian exploration company with\nprojects in Canada and China. VVC also has an indirect participation in the\nBeaver Brook Antimony Mine in Newfoundland, Canada and is aggressively\nsearching for other projects in and around China. Visit our website at\nwww.vvcexploration.com.\n\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\n\n\nor accuracy of this news release.\n\n\n On Behalf of the board of Directors\n (SIGNED)\n Michel J. Lafrance, Secretary-Treasurer\n\n\n","length":2437,"tagName":"div"}]