Venerable Ventures Ltd. Announces Completion of Non-Brokered Private Placement
2011年7月20日 - 6:00AM
Marketwired
Venerable Ventures Ltd. (TSX VENTURE: VLV) ("Venerable" or the
"Company") is pleased to announce that, further to its press
release of June 9, 2011, it has completed a non-brokered private
placement (the "Offering") for aggregate gross proceeds of
$1,158,850. The Offering was completed in two tranches. The first
tranche, which closed effective July 8, 2011, consisted of the
issuance of: (i) 3,570,000 units (each, a "Unit") at a price of
$0.25 per Unit for gross proceeds of $892,500, and (ii) 689,572
flow-through units (each, an "FT Unit") at a price of $0.35 per FT
Unit for gross proceeds of $241,350. The second tranche, which
closed effective July 19, 2011, consisted of the issuance of
100,000 Units for gross proceeds of $25,000.
Each Unit consists of one common share of Venerable (each, a
"Share") and one common share purchase warrant, with each warrant
entitling the holder to purchase an additional Share at a price of
$0.60 per Share for 12 months from the date of issuance, subject to
a right of call of the Company under certain conditions.
Each FT Unit consists of one Share, issued on a "flow-through"
basis (each, an "FT Share") and one common share purchase warrant,
with each, warrant entitling the holder to purchase an additional
Share at a price of $0.60 per Share for 12 months from the date of
issuance, subject to a right of call by the Company under certain
conditions. Each FT Share entitles the investor to the tax benefits
of the qualifying Canadian exploration expenses incurred by the
Company prior to December 31, 2011.
The Company paid a finder's fee to a finder in connection with
the completion of the Offering consisting of: (i) a cash fee equal
to 8% of the proceeds of any Units or FT Units placed by the finder
and (ii) the issuance of warrants equal to 8% of the Units or FT
Units placed by the finder (the "Broker Warrants"). All securities
to be issued pursuant to the Offering, including the Broker
Warrants, are subject to a four-month hold period. The Company has
received conditional approval from the Exchange for the
Offering.
The Company will use the proceeds of the Offering for its Trout
Property, located in the area of the Nechako Plateau, British
Columbia, and for general working capital purposes.
For more information, please refer to press releases which are
available on SEDAR at www.sedar.com.
About the Company
Venerable is a Canadian natural resource company engaged in the
acquisition, exploration and development of mineral properties,
with its primary focus on the Trout Property.
ON BEHALF OF THE BOARD
VENERABLE VENTURES LTD.
Ryan Sharp, President, Chief Executive Officer 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.
Contacts: Venerable Ventures Ltd. Ryan Sharp President and CEO
(604) 647-0146 ryan@venerableventuresltd.com Venerable Ventures
Ltd. Investor Relations (604) 647-0146 (604) 647-0143 (FAX)
ir@venerableventuresltd.com www.venerableventuresltd.com
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