TORONTO, Dec. 01, 2017 (GLOBE NEWSWIRE) -- VVC Exploration Corporation (“ VVC ” or the “ Company ”) (TSX-V: VVC ) is pleased to provide an update on its ongoing financings from the previous update of October 31, 2017 and to announce the Debenture and Debt Conversions.
Financings
The Company has extended, subject to the TSX Venture acceptance, the deadline for subscribing to a non-brokered equity private placement financing of up to CA$2 million (the “PP Financing”) from November 30 to December 15, 2017. The first closing of the Private Placement occurred on October 31, 2017.
The Company has also extended, subject to the TSXV acceptance, the deadline for subscribing to a non-brokered convertible 3-year Debenture private placement financing of up to US$2 million (the “Debenture Financing”) from November 30 to December 15, 2017.
The proceeds of these Financings will be used for ongoing drilling program, maintenance fees and option payments on the Company’s Samalayuca Copper Project, and for fees and work related to its Cumeral and La Tuna projects in Mexico, general administration costs in Canada and Mexico and for working capital.
Debenture Conversions
In November 2016, the Company issued convertible 5-year Debentures aggregating $1.435 million, most of it being denominated in USD. By November 30, 2017, the first anniversary of the Debenture, the Company has received Notices of Conversions for $1,172,250 of the Debentures with 23,445,000 shares to be issued.
Debt Conversions
The Company wishes, subject to the TSX Venture acceptance, to convert $242,032 of accrued interest payable on the 2016 Debenture into shares of the Company at $0.05 per share and also $3,750 of trade payables into Units of the Company at $0.05 per Unit for a an aggregate issuance of 4,840,640 shares and 37,500 warrants. Each Unit comprises one common share and one-half of one share purchase warrant of the Company, with each full warrant entitling the holder to purchase one additional share until November 30, 2020, at an exercise price of CA$0.06 per share. All securities issued pursuant to the Debt Conversions will be subject to the applicable statutory, exchange and regulatory hold period of four months.
About VVC Exploration Corporation
VVC is a Canadian exploration and mining company with projects in Mexico and Canada, including the Samalayuca copper property in Chihuahua State, and gold and silver prospects in Sonora and Sinaloa States, Mexico. The Company also has a grassroots gold/VMS prospect in the Timmins area of northern Ontario. Visit our website at: http://vvcexpl.com.
On behalf of the Board of Directors
Michel J. Lafrance, Secretary-Treasurer
For further information, please contact: Patrick Fernet E-mail: pfernet@vvcexploration.com Phone: (514) 631-2727
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
