TORONTO, Jan. 4 /CNW Telbec/ - VVC EXPLORATION CORPORATION ("VVC" or the
"Company") announces that on December 31st, it closed subscriptions for a non-
brokered flow-through private placement at 60 cents per unit with total
subscriptions amounting to $85,100 for 141,000 units. Each unit comprises one
flow-through common share and one share-purchase warrant to purchase an
additional share at $0.90 per share until December 31st, 2006. The Company
will renounce to the investors $85,100 of exploration expenditures to be
incurred in 2006 on the Beaver Brook Project and/or any other eligible
exploration owned by the Company The shares are subject to resale restrictions
for four months. The Private Placement has not yet been accepted for filing by
the TSXV. Insiders of the Company subscribed for less than 20% of the total
subscription.
In addition, the Company also completed a Debt Conversion Agreement
whereby CAD$148,200 of indebtedness owing to a arm-length party will be
retired by the issuance of 247,000 common shares of the Company (at) $0.60 per
share, subject to the approval of the TSX Venture Exchange and all other
necessary regulatory approvals.
For more information on the Company, please consult the recently filed
Financial Statements and Management Discussion and Analysis for the 9-months
ended October 31st, 2005 and other public documents filed on SEDAR at
www.sedar.com.
About VVC:
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VVC Exploration Corporation is a Canadian exploration company with
properties in Canada and China. Its main assets are the participation of VVC
in Joint Ventures in producing gold mines in China, and its participation in
the Beaver Brook Antimony Mine in Newfoundland, Canada. The Company's
objective is to generate significant cash flow from operations in order to
aggressively pursue other projects in China. Please visit our Website at
www.vvcexploration.com.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
On Behalf of the board of Directors
(Signed)
Michel J. Lafrance, Secretary-Treasurer
