VANCOUVER, May 9, 2019 /CNW/ - Victory Metals
Inc. ("TSX-V:VMX") ("Victory" or the
"Company") is pleased to announce it has closed an
oversubscribed non-brokered private placement, raising $3,618,000 through the issuance of 5,400,000
shares at a price of $0.67 per share.
One strategic investor subscribed for 4,500,000 shares or
$3,015,000 while certain insiders
subscribed for an aggregate of $402,000.
Highlights:
- One strategic investor subscribed for 4,500,000 shares or
$3,015,000;
- Full participation from the Company's Board of Directors and
Executive Management; and
- In addition to participating in the financing, CEO Collin Kettell has increased his ownership of
Victory by 2,917,406 shares through the private purchase of shares
of Casino Gold, which owns 41,837,681 shares of Victory. Mr.
Kettell now controls 16% of the issued and outstanding shares of
Victory.
Paul Matysek, Executive Chairman
of the Company, stated: "We are very pleased to close on this
oversubscribed financing, which will allow us to continue our rapid
pace of advancement at Iron Point. Participation from Management
and our Board of Directors clearly underscores our team's
commitment and confidence in the Project. Victory now enjoys over
$7,000,000 in cash which will be
instrumental in progressing on our resource, metallurgy and
engineering objectives."
The Company paid a finder's fee of 270,000 shares. All
securities issued in connection with the private placement are
subject to a four-month-and-one-day statutory hold period, in
accordance with applicable securities laws. Completion of the
private placement remains subject to the approval of the TSX
Venture Exchange.
About Victory Metals
Victory owns a 100% interest in the Iron Point Vanadium Project,
located 22 miles east of Winnemucca,
Nevada. The project is located within a few miles of
Interstate 80, has high voltage electric power lines running
through the project area and a railroad line passing across the
northern property boundary. The Company is well financed to advance
the project through resource estimation and initial feasibility
study work. Victory has a proven capital markets and mining team
led by Executive Chairman Paul
Matysek. Major shareholders include Casino Gold (46%), and
management, directors and founders (27%). Approximately 48% of the
Company's issued and outstanding shares are subject to an escrow
release over three years.
Please see the Company's website at www.victorymetals.ca.
On Behalf of the Board of Directors of
VICTORY METALS INC.
Paul Matysek
Executive Chairman 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.
Forward-Looking Information
This news release contains certain forward-looking
information and forward-looking statements within the meaning of
applicable securities legislation (collectively "forward-looking
statements"). Certain information contained herein constitutes
"forward-looking information" under Canadian securities
legislation. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
"expects", "believes", "aims to", "plans to" or "intends to" or
variations of such words and phrases or statements that certain
actions, events or results "will" occur. Forward-looking statements
are based on the opinions and estimates of management as of the
date such statements are made and they are subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed by such
forward-looking statements or forward-looking information,
including the business of the Company, the speculative
nature of mineral exploration and development, fluctuating
commodity prices, competitive risks, and delay, inability to
complete a financing or failure to receive regulatory approvals.
Although management of the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking statements or
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements and
forward-looking information. The Company does not undertake to
update any forward-looking statements or forward-looking
information that are incorporated by reference herein, except as
required by applicable securities laws.
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SOURCE Victory Metals Inc
