/NOT FOR DISTRIBUTION IN THE UNITED STATES/
CALGARY, March 29 /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 $60,000. Vital issued 300,000
common shares at a price of $0.20 per share.
The common shares issued in connection with this private placement are
subject to a four month hold period that expires on July 29, 2007. The
proceeds of the private placement will be used to fulfill its obligations on
the Philippines oil and gas farmin agreement.
Vital also announces that Michael Nugent, a director of Vital, acquired
all of the 300,000 common shares issued pursuant to the private placement. As
a result, Mr. Nugent, together with Bentley International Oil Ltd., a company
wholly owned by Mr. Nugent, beneficially owns 4,390,000 common shares
(representing approximately 14.9% of Vital's outstanding common shares).
Mr. Nugent acquired the shares for investment purposes. Depending on market
conditions, Mr. Nugent and Bentley International Oil Ltd. have no current
intention to increase their beneficial ownership of Vital.
After giving effect to the private placement, Vital has 29,429,600 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: