KIRKLAND LAKE, ON, May 13 /CNW/ - VAULT MINERALS INC (TSX-V: VMI)
("Vault" or the "Company") announces that it intends to complete a financing
to raise gross proceeds of up to CDN $600,000 by way of a non-brokered private
placement. The financing will consist of the sale of up to 3,000,000 units
("Units") at a price of $0.12 per Unit and 2,000,000 flow-through units
("Flow-through Units") at a price of $0.12 per Flow-through Unit.
Each Unit will consist of one common share and one common share purchase
warrant (a "Warrant") and each such Warrant will be exercisable to acquire one
common share of the Company at a price of $0.20 for a period of 24 months from
the closing date of the financing (the "Closing").
Each Flow-through Unit will consist of one common Flow-through share (a
"Flow-through Share") and one-half common share purchase warrant (a
"Flow-through Warrant") and each whole Flow-through Warrant will be
exercisable to acquire one common share of the Company at a price of $0.25 for
a period of 12 months from Closing.
Completion of the financing is subject to certain conditions, including
approval of the TSX Venture Exchange. A finder's fee may be payable in cash or
securities in accordance with regulatory policies. All securities issued
pursuant to the financing will be subject to a trading restriction of four
months plus a day commencing upon Closing. It is anticipated that certain
insiders of the Company will participate in this financing.
The proceeds of the financing will be used to fund exploration on the
Company's Goldbanks and Gauthier gold exploration properties situated in the
Kirkland Lake gold camp and for general working capital.
Vault Minerals Inc. is a Canadian junior gold exploration company active
in the world-renowned Kirkland Lake gold camp of northern Ontario. The
Company's capital consists of 29,716,093 issued and outstanding common shares
which are listed for trading on the TSX Venture Exchange under the symbol
On behalf of the Board of
VAULT MINERALS INC.
signed "Joseph D. Horne"
Joseph D. Horne, President & CEO
This Press Release may contain forward-looking statements that involve
inherent risks and uncertainties. Actual events or results could differ
materially from the Company's forward-looking statements and expectations, and
the Company disclaims any obligation to update these forward-looking
"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 release."
For further information:
For further information: please contact Joe Horne, President at (902)
402-8266 or visit www.vaultminerals.com