VANCOUVER, April 30, 2019 /CNW/ - Victory Metals
("TSX-V:VMX") ("Victory" or the "Company") is
pleased to announce that it has arranged a non-brokered private
placement to raise a minimum of $3,500,000 through the issuance of 5,225,000
shares at a price of $0.67 per share.
One strategic investor is subscribing for 4,500,000 shares or
$3,015,000.
Paul Matysek, Executive Chairman
stated: "Securing this financing will allow us to continue our
rapid advancement towards resource definition and completion of a
Preliminary Economic Assessment. The work to date has clearly shown
that Iron Point posseses one of the larger vanadium mineralization
footprints. A Phase II drill program will be mobilized shortly
aimed at infilling gaps from our maiden drilling, as well as better
understanding the lateral and downward extent of vanadium
mineralization at Iron Point."
Upon closing of the placement, the Company will have in excess
of $7,500,000 in cash and be one of
the better capitalized North American primary Vanadium
companies.
Certain insiders of the Company may participate in a portion of
the financing.
The Company may pay finders' fees to eligble parties that have
assisted by introducing subscribers to the placement. All
securities to be issued in connection with the placement will be
subject to a four-month-and-one-day statutory hold period, in
accordance with applicable securities laws. Completion of the
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 (50%), and
management, directors and founders (25%). Approximately 51% 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
