Victory Resources Corporation - Private Placement 1st Tranche completed

Symbol:-TSXV.VR

VANCOUVER, Nov. 30, 2011 /CNW/ - VICTORY RESOURCES CORPORATION (the "Company") is pleased to announce that it has received subscription agreements totaling 3,535,302 units completing its 1st tranche of the non-brokered private placement offered to qualified investors for additional gross proceeds to the company of $1,237,355.70

The 1st stage of the non-brokered private placement will result in the issuance of 3,535,302 million units at a price of $0.35 cents per unit; each unit consists of one common share and one-half of one share purchase warrant. A full warrant entitles the holder to acquire one additional share at a price of $0.50 cents for 24 months from closing. All securities issued are subject to a hold period of four months from closing.  Finders' fees will be paid to qualified parties.

The private placement will provide general working capital and an allocation for the financing of the company's exploration/development field work program at the company's properties.

About Victory Resources Corporation

The company's main focus is on the The Reforma property located at the common boundary of Sinaloa and Chihuahua States in west central Mexico. The concessions cover a total area of 7,226 hectares. Victory Resources will earn a 70% undivided interest in The Reforma property as part of an option agreement. Formerly owned by Penoles in Mexico, documentation showed that between the years 1968 to 1980, the Reforma mine processed 1.8 million tonnes grading an average of 91.62 grams per tonne Ag, 1.90 per cent Pb, 7.44 per cent Zn and 0.63 per cent Cu.

On behalf of The Board of Directors of Victory Resources Corporation.

Paul Lee, Director

This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Victory Resources Corp. which may cause actual results, performance or achievements of Victory Resources Corporation to be materially different from the results, performance or expectation implied by these forward looking statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.



 

For further information:

Please contact Wally Boguski at 604-581-0004

Profil de l'entreprise

Victory Resources Corporation

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.