VANCOUVER, Nov. 30, 2011 /CNW/ - VICTORY RESOURCES CORPORATION (the "Company") is pleased to announce that it has received subscription agreements
totaling 3,535,302 units completing its 1st tranche of the non-brokered private placement offered to qualified
investors for additional gross proceeds to the company of $1,237,355.70
The 1st stage of the non-brokered private placement will result in the issuance
of 3,535,302 million units at a price of $0.35 cents per unit; each
unit consists of one common share and one-half of one share purchase
warrant. A full warrant entitles the holder to acquire one additional
share at a price of $0.50 cents for 24 months from closing. All
securities issued are subject to a hold period of four months from
closing. Finders' fees will be paid to qualified parties.
The private placement will provide general working capital and an
allocation for the financing of the company's exploration/development
field work program at the company's properties.
About Victory Resources Corporation
The company's main focus is on the The Reforma property located at the
common boundary of Sinaloa and Chihuahua States in west central Mexico.
The concessions cover a total area of 7,226 hectares. Victory Resources
will earn a 70% undivided interest in The Reforma property as part of
an option agreement. Formerly owned by Penoles in Mexico, documentation
showed that between the years 1968 to 1980, the Reforma mine processed
1.8 million tonnes grading an average of 91.62 grams per tonne Ag, 1.90
per cent Pb, 7.44 per cent Zn and 0.63 per cent Cu.
On behalf of The Board of Directors of Victory Resources Corporation.
Paul Lee, Director
This news release contains certain forward looking statements which
involve known and unknown risks, delays, and uncertainties not under
the control of Victory Resources Corp. which may cause actual results,
performance or achievements of Victory Resources Corporation to be
materially different from the results, performance or expectation
implied by these forward looking statements. 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 press release, which has been prepared
For further information:
Please contact Wally Boguski at 604-581-0004