VANCOUVER, BC / ACCESSWIRE / October 8, 2019 / Victory Resources Corporation (CSE:VR)(FWB:VR61)(OTC:VRCFF) ("Victory" or the "Company") announced it has completed its initial closing of a non-brokered private placement (the "Private Placement").
The Private Placement consists of up to 133,333,333 units priced at $0.015 (a "Unit") 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.
For further information, please contact:
David Lane, President
Telephone: +1 (236) 317 2822
E-mail: [email protected]
About Victory Resources Corporation
VICTORY RESOURCES CORPORATION (CSE:VR) 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.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE: Victory Resources Corporation