VANCOUVER, April 30, 2019 /CNW/ - Victory Metals ("TSX-V:VMX") ("Victory" or the "Company") is pleased to announce that it has arranged a non-brokered private placement to raise a minimum of $3,500,000 through the issuance of 5,225,000 shares at a price of $0.67 per share. One strategic investor is subscribing for 4,500,000 shares or $3,015,000.
Paul Matysek, Executive Chairman stated: "Securing this financing will allow us to continue our rapid advancement towards resource definition and completion of a Preliminary Economic Assessment. The work to date has clearly shown that Iron Point posseses one of the larger vanadium mineralization footprints. A Phase II drill program will be mobilized shortly aimed at infilling gaps from our maiden drilling, as well as better understanding the lateral and downward extent of vanadium mineralization at Iron Point."
Upon closing of the placement, the Company will have in excess of $7,500,000 in cash and be one of the better capitalized North American primary Vanadium companies.
Certain insiders of the Company may participate in a portion of the financing.
The Company may pay finders' fees to eligble parties that have assisted by introducing subscribers to the placement. All securities to be issued in connection with the placement will be subject to a four-month-and-one-day statutory hold period, in accordance with applicable securities laws. Completion of the placement remains subject to the approval of the TSX Venture Exchange.
About Victory Metals
Victory owns a 100% interest in the Iron Point Vanadium Project, located 22 miles east of Winnemucca, Nevada. The project is located within a few miles of Interstate 80, has high voltage electric power lines running through the project area and a railroad line passing across the northern property boundary. The Company is well financed to advance the project through resource estimation and initial feasibility study work. Victory has a proven capital markets and mining team led by Executive Chairman Paul Matysek. Major shareholders include Casino Gold (50%), and management, directors and founders (25%). Approximately 51% of the Company's issued and outstanding shares are subject to an escrow release over three years.
Please see the Company's website at www.victorymetals.ca.
On Behalf of the Board of Directors of
VICTORY METALS INC.
Executive Chairman and Director
Neither the 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.
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed by such forward-looking statements or forward-looking information, including the business of the Company, the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks, and delay, inability to complete a financing or failure to receive regulatory approvals. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE Victory Metals Inc
For further information: contact Collin Kettell at email@example.com or (301) 744-8744.