VANCOUVER, Oct. 24, 2019 /CNW/ - Victory Metals
("TSX-V:VMX") ("Victory" or the "Company")
announces the closing of the non-brokered private placement
previously announced on September 30,
2019 (the "Financing"), to raise proceeds of
$500,000 through the issuance of
746,268 common shares (the "Shares", and each a
"Share") at $0.67 per Share
representing a premium of 70% to the previous day's closing
price.
No finder's fees were paid in connection with the Financing and
the proceeds will be used for working capital purposes. The Company
remains well financed with approximately $2.7 million in cash upon closing of the
Financing. Closing of the Financing remains subject to final
approval of the TSX Venture Exchange.
All Shares shall bear a statutory hold period expiring four
months and one day from the date of issuance, in accordance with
applicable securities legislation.
The securities offered have not been nor will they be registered
under the United States Securities Act of 1933, as amended
(the "1933 Act"), or any applicable state securities laws,
and may not be offered or sold in the
United States or to, or for the account or benefit of any
U.S. persons (as defined in Regulation S under the 1933 Act) or
persons in the United States
absent registration or an applicable exemption from registration
requirements. This news release does not constitute an offer
to sell or the solicitation of an offer to buy nor will there be
any sale of the foregoing securities in the United States or in any jurisdiction in
which such offer, sale, or solicitation would be unlawful.
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. Additionally, Victory has a joint venture with Ethos
Gold Corp. (TSX-V:ECC), whereby Ethos Gold Corp. can earn a 50%
interest in the deep gold rights at Iron Point by spending
$5M over a three year period. 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 35% of the Company's issued and
outstanding shares are subject to an escrow
release over the next two and a half 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