Virginia Mines Inc. (TSX:VGQ) is pleased to announce that it has completed the private placements announced on November 17, 2014. Virginia has issued to the Caisse de depot et placement du Quebec and Fonds de solidarite des travailleurs du Quebec an aggregate of 2,024,583 common shares at a price of $13.83 per share for gross proceeds of approximately $ 28 million. Following the closing of the private placements, participation of CDPQ in Virginia increased to 7.25% and participation of Fonds in Virginia increased to 8.48%.
The shares issued under the private placement are subject to a 4 month hold period and one day under applicable securities laws.
Virginia conducts its exploration activities over the vast, unexplored territories of Northern Quebec in order to create value for its shareholders while protecting the quality of life for both present and future generations. With a working capital position of $45.9 million as at August 31, 2014, and a large area of mining claims in Quebec North, Virginia is among the most active mining exploration companies in Quebec. Strengthened by the discovery of the Eleonore project and more than 20 years expertise on the territory, Virginia’s exploration team is recognized as one of the best in Canada. Virginia also holds a 2.2% to 3.5% royalty in the Eleonore property.
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