VVC Exploration sells BBAM shares and improve cash position

About this update from Vvc Exploration Corporation

[{"type":"text","content":"\n\n\n\nTORONTO, May 7 /CNW Telbec/ - VVC EXPLORATION CORPORATION (VVC: TSX-V)\n(V7S: FSE / BBSE) ("VVC" or the "Company") announces that it has entered into\na transaction to sell its remaining shares of Beaver Brook Antimony Mines Inc.\n("BBAM"). The sale is subject to the acceptance of the TSX Venture Exchange\n("TSXV"). Upon completion of the transaction, VVC will no longer hold shares\nof BBAM.\n\n\nThis transaction will net $3.5 million to the Company's Treasury. Upon\nclosing, the Company will have cash and liquid investments totalling\napproximately $6.5 million. This cash will be mostly maintained in short term\nliquid investments except for those amounts required for current working\ncapital and for ongoing exploration in the Timmins Area. If and as needed, the\ninvestments can be liquidated for acquisitions and exploration of other\nmineral properties when acquired.\n\n\nThe decision to sell was taken because VVC was a minority shareholder of\nBBAM and as such its balance sheet would not benefit from the start of\nproduction until BBAM was in position to pay dividends. Furthermore BBAM is a\nprivate company and there is no current public market for its shares and there\nmay not be a public market for some time.\n\n\nThe Company is continuing to aggressively search for and evaluate new\nmineral properties of gold and/or base metals. Shareholders will be advised of\nany developments on this front.\n\n\n"With $6.5 million of available cash, and practically no debt, VVC is in\na fantastic position to acquire new mineral projects to maximize shareholder\nvalue" says Mr. Daniel Grenier, President and CEO.\n\n\nAbout VVC:\n\n\n----------\n\n\nVVC Exploration Corporation is a Canadian exploration company with\nprojects in the Timmins Area, Ontario, Canada. VVC also has an indirect\nparticipation in the Beaver Brook Antimony Mine in Newfoundland, Canada. VVC\nis also aggressively searching for other projects such as gold and/or base\nmetals at various stages of development. Visit our website at\nwww.vvcexploration.com.\n\n\nThe TSXV has not reviewed and does not accept responsibility for the\n\n\nadequacy or accuracy of this news release.\n\n\nOn Behalf of the board of Directors\n\n\n(signature)\n\n\nMichel J. Lafrance, Secretary-Treasurer\n\n\n","length":2404,"tagName":"div"}]

More updates from Vvc Exploration Corporation