/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
TORONTO, Jan. 4 /CNW/ - Viking Gold Exploration Inc. (the "Company") is
pleased to announce that it has completed a non-brokered private
placement of 2,233,332 units at a price of $0.30 per unit for gross
proceeds of $670,000. Each unit is comprised of one flow-through
common share and one-half common share purchase warrant, with each
whole warrant entitling the holder to purchase an additional
non-flow-through common share at a price of $0.50 per share until
December 30, 2011. The common shares and warrants comprising the units
are subject to a 4-month restricted period. The Company paid $42,700
in cash and issued 142,333 compensation warrants to acquire an equal
number of non-flow-through common shares at a price of $0.30 per share
until December 30, 2011, as finder's fees.
The net proceeds of the private placement will be used to fund the
Company's exploration activities.
Upon completion of the private placement Viking Gold Exploration Inc.
has a total of 60,856,702 common shares issued and outstanding.
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:
Mr. Mark Edwards, CEO at (416) 364-6244 ext. 227 or visit our website at: www.vikinggold.ca