/NOT FOR DISTRIBUTION IN THE UNITED STATES/
CALGARY, March 1 /CNW/ - Vital Resources Corp. ("Vital") (CNQ Exchange -
VITL; Frankfurt Stock Exchange - VZN) is pleased to announce that it has
closed a private placement for gross proceeds of $259,250. Vital issued
1,037,000 Units at a price of $0.25 per Unit. Each Unit consists of one common
share and one common share purchase warrant. Each warrant is exercisable into
one common share at an exercise price of $0.35 per share for a period of
eighteen months after the closing.
All securities issued in connection with this private placement are
subject to a four month hold period that expires on July 2, 2007. The proceeds
of the private placement will be used to fund the acquisition from Bentley
International Oil Ltd. of an interest in a Philippines oil and gas farmin
agreement and to fund its commitments under the farmin agreement.
After giving effect to the private placement, Vital has 29,084,600 common
shares issued and outstanding.
THE CNQ DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
For further information:
For further information: Michael Whitehead, Chief Executive Officer of
Vital at phone: (403) 668-1645 or Barry Foster, CFO of Vital at phone: (403)