Trading Symbol: TSX-V: VVV
CALGARY, April 18 /CNW/ - Vannessa Ventures Ltd. ("the Company")
announces that the Company intends to complete a non-brokered private
placement of up to 18,571,429 Units of the Company at a price of $0.35 per
Unit. Each Unit will consist of one common share and one half of one warrant.
Each whole warrant entitles the holder to purchase one additional share of the
Company at a price of $0.45 per share until 24 months after the closing date.
Of the $6,500,000 Vannessa intends to raise, up to $5,000,000 is subject
to a finder's fee in the amount of 6% of the gross proceeds in cash and
Finder's Warrants equal to 10% of the number of Units sold. Each Finder's
Warrant is exercisable to acquire one share at $0.45 for a period of 12 months
from the closing of the private placement.
Exploram Enterprises Ltd., a private company holding a controlling
interest in the Company, will invest $1.5 million in the placement and such
investment is not subject to the finder's fee.
It is anticipated that the net proceeds from the Private Placement will
be used to meet financial needs associated with the following:
- Advancing the development of the Crucitas Project in Costa Rica;
- Fund the ongoing International Arbitration of the Las Cristinas
- Establishing a cash reserve for current financial liabilities;
- General corporate expenses.
The Company is in negotiations in respect of an additional $3 million
financing, but has yet to settle the terms. There can be no assurance that any
agreement will be reached in respect of an additional financing.
John Morgan, President
VANNESSA VENTURES LTD.
"The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release."
For further information:
For further information: VANNESSA VENTURES LTD., 220, 1010 - 1St S.W.,
Calgary, Alberta, T2R 1K4, Telephone: (403) 444-5191