Virginia Mines Inc. (TSX:VGQ) announces that it has negotiated a private placement that consists of 333,334 flow-through common shares at a price of $21.00 per share, which represents a 70% premium to the 20-day volume weighted average trading price of the common shares of Virginia on the Toronto Stock Exchange for the period ended January 23, 2014, for gross proceeds of CA$7,000,014. Laurentian Bank Securities Inc. has been appointed as the agent for the offering.
On closing, Virginia has agreed to pay LBS a cash fee equal to 6% of the gross proceeds of the Offering.
The Offering is scheduled to close on or before February 10, 2014 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange. The Flow-Through Shares will be subject to a four-month-hold period in Canada.
Proceeds from the offering will be used to fund exploration work on Virginia’s numerous projects for the next 18 months.
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 $40.4 million as at November 30, 2013, 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% to 3.5% royalty in the Eleonore property.
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