Victory Resources Corporation (CSE:VR) (FWB:VR61) (OTC:VRCFF) announced it has completed its initial closing of a non-brokered private placement.
The Private Placement consists of up to 133,333,333 units priced at $0.015 for proceeds of $2,000,000. Each Unit consists of one common share and one common share purchase warrant, exercisable at $0.05 for a period of two years from closings. On the initial closing, 87,147,234 Units were issued for gross proceeds of $1,307,208.
The Company paid finders fees to qualified finders of $84,576.88 (8% cash) and issued 5,638,458 broker warrants (8% brokers warrants). Net proceeds from the private placement will be used for general working capital and for investments.
Insiders of the Company received an aggregate of 6,666,667 common shares of the Company. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(a) of MI 61-101 in respect of such insider participation.
About Victory Resources Corporation
VICTORY RESOURCES CORPORATION is a publicly traded junior mining corporation with interests in North America. The company is currently developing its existing operation in South Central British Columbia. The company is also currently seeking other opportunities.
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We acknowledge the [financial] support of the Government of Canada.