/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES/
TORONTO, Jan. 27 /CNW/ - Viking Gold Exploration Inc. (the "Company") announced today that it has completed the second tranche of its non-brokered private placement for gross proceeds of $700,000, bringing the total raised under the two tranches of the private placement to $870,000. In the second tranche, the Company sold 14,000,000 units at a price of $0.05 per unit, with each unit being comprised of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of $0.20 per share for a period of 36 months following the closing of the offering. Of the total gross proceeds of $870,000, $616,000 is attributable to the issuance of flow-through shares. The Company incurred total finders' fees of $31,200. The common shares and warrants comprising the units are subject to a 4-month restricted period.
The net proceeds of these two offerings will be used to fund the Company's exploration programs and for general working capital purposes.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
SOURCE Viking Gold Exploration Inc.
For further information: For further information: Robert Ginn, CEO at (416) 364-6244 ext. 227 or visit our website at: www.vikinggold.ca