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TORONTO, Dec. 12 /CNW Telbec/ - VVC EXPLORATION CORPORATION ("VVC" or the "Company") announces that the non-brokered private placement at 30 cents per unit announced on December 7th was the first tranche of a placement that has been increased by a second tranche subscription of $120,000 from an arm's length party. Subscriptions for this private are now closed with total subscriptions aggregating $627,000 representing 2,090,000 units. Each unit comprises one common share and one share-purchase warrant to purchase an additional share at $0.50 until December 7th, 2008. The additional net proceeds of the second tranche will be used for the ongoing search for new properties and engaging independent Qualified Persons to review new projects under consideration. The shares will be subject to resale restrictions for four months. The first tranche of the Private Placement has been accepted for filing by the TSX Venture Exchange. A new Form 4B relating to second tranche has been submitted to the TSXV for acceptance. Subscriptions by Insiders of the Company and others close to the Company now represent 13.4% of the total placement. The aggregate Finders' fees payable to persons instrumental in arranging the placement will be increased by $7,200 and 16,000 shares for an aggregate of $39,459 in cash and 49,470 shares.
The Company is examining several different and potentially world class resource projects in Western China. The Company has also engaged Watts, Griffis & McOuat to assess the merits of one of the potential projects. Watts, Griffis & McOuat has been providing consulting services to the Company since 2001 and has also been assisting the Company in assessing potential projects in China since 2003. Any developments on this front will be announced on a timely basis. This news release has been reviewed and approved by Al Workman, P.Geo., Qualified Person and Vice-President of Watts, Griffis and McOuat Limited.
For more information on the Company, please consult the public documents filed on SEDAR at www.sedar.com and/or the Company's website at www.vvcexploration.com.
About VVC:
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VVC Exploration Corporation is a Canadian exploration company with projects in Canada and China. VVC also has an indirect participation in the Beaver Brook Antimony Mine in Newfoundland, Canada and is aggressively searching for other projects in and around China.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
On Behalf of the board of Directors
Michel J. Lafrance, Secretary-Treasurer