Virgin Metals Announces Closing of $1.9 Million Private Placement

    Symbol: VGM
    Shares Outstanding: 84,881,246

    TORONTO, March 18 /CNW Telbec/ - Virgin Metals Inc. (TSX: VGM) ("Virgin
Metals") announces that it has completed a private placement of
5,929,361 equity units ("Units") at a price of $0.32 per Unit resulting in
gross proceeds of $1,897,395 to Virgin Metals. Each Unit consists of one
common share of Virgin Metals ("Common Share") and one-half of one common
share purchase warrant ("Warrant"). One whole Warrant will entitle the holder
to subscribe for one Common Share at $0.48 at any time for two years from
    The net proceeds of the financing will be used to complete a feasibility
study for Virgin Metals' Los Verdes molybdenum/copper property located in
Sonora, Mexico, continue exploration work on the Cuatro Hermanos
copper/molybdenum property located in Sonora, Mexico and for general corporate
    In connection with the financing, Virgin Metals paid total cash finder
fees of $110,363 and issued 344,887 finder warrants ("Finder Warrants"). One
Finder Warrant will entitle the holder to acquire one Unit for $0.32 at any
time for two years from closing.
    All of the securities issued in connection with the financing will be
subject to a four month hold period from the date of issue.

    About Virgin Metals

    Virgin Metals is a junior exploration and development company; its
projects include two copper-molybdenum porphyry properties in Sonora, northern
Mexico. One of these, Los Verdes, is undergoing a feasibility study and is
expected to evolve rapidly towards production while the other, Cuatro
Hermanos, is presently the focus of an intense exploration effort.


    This press release includes certain "forward-looking information" within
the meaning of the Securities Act (Ontario), including, but not limited to,
statements as to timing and extent of exploration programs and the
availability of exploration results. As such, forward-looking information
addresses future events and conditions and so involves inherent risks and
uncertainties, as disclosed under the heading "Risk Factors" and elsewhere in
Virgin Metals documents filed from time to time with the Ontario Securities
Commission and other regulatory authorities. Actual results could differ
significantly from those currently projected as a result of, among those
factors, adverse weather, regulatory changes, delays in receiving permits,
accidents and delays in completing exploration activities not all of which are
in the control of Virgin Metals. The forward-looking information contained
herein is Virgin Metal's reasonable estimate today of future events and
conditions, but no assurance can be given that such events or conditions will

For further information:

For further information: Valerie Kimball, Investor Relations, (303)
703-1210,; Renmark Financial Communications Inc.:
Barbara Komorowski:; Neil Murray-Lyon:, (514) 939-3989, Fax: (514) 939-3717;

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890