Victory Metals Arranges Financing with Strategic Investors for $3,500,000
Victory Metals Arranges Financing with Strategic Investors
for $3,500,000
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
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For further information:
contact Collin Kettell at [email protected] or (301) 744-8744.
CO: Victory Metals Inc
CNW 08:30e 30-APR-19