/NOT FOR DISTRIBUTION IN THE UNITED STATES/
CALGARY, June 14 /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 $285,000. Vital issued
1,900,000 Units at a price of $0.15 per Unit. Each Unit consists of one common
share and one half of one common share purchase warrant. Each whole warrant is
exercisable into one common share at an exercise price of $0.25 per share for
a period of twelve months after the closing.
All securities issued in connection with this private placement are
subject to a four month hold period that expires on October 15, 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.
The Finder acting in connection with the private placement received a
cash commission of $17,850 and 71,400 finder's warrants exercisable at $0.25
per share for a period of twelve months after the closing.
After giving effect to the private placement, Vital has 32,153,600 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)