VANCOUVER, BC – Victory Resources Corp. (Symbol VR-TSXV, OTCQX:VRCFF) (the “Company”) is pleased to announce that it has arranged a non-brokered private placement of flow-through units. The total flow-through unit proceeds arranged are up to $300,000.
Each flow-through unit will be priced at $0.45 cents, and will consist of one common share and one-half non-flow-through warrant. Each full warrant entitles the holder to purchase one common share at a price of $0.55 per share following 24 months from the closing date.
The flow-through proceeds of the private placement will be used for an initial exploration program on the Company’s 100% owned Toni property located in British Columbia, Canada. The first stage of the exploration program would be an airborne ZTEM survey that will cover the Toni property, the historically known mineral porphyry deposits, and the potential mineral prospects in the area. The company agreed to pay finders’ fees to arm’s-length qualified parties.
“We are very pleased to begin the exploration program at the Toni property and to have two ongoing mining exploration projects for our company,” stated Wally Boguski, President/CEO, “our Toni property in British Columbia, Canada and our La Reforma property in Mexico are both located in known geological areas that have attracted a lot of industry activity. We feel very fortunate to offer shareholders the potential development of these mining properties.”
About Victory Resources Corporation
The company’s main focus is on the Reforma property located at the common boundary of Sinaloa and Chihuahua States in west central Mexico. The concessions cover a total area of 7,226 hectares. Victory Resources will earn a 70% undivided interest in the Reforma property as part of an option agreement. Formerly owned by Penoles in Mexico, documentation showed that between the years 1968 to 1980, the Reforma mine processed 1.8 million tonnes grading an average of 91.62 grams per tonne Ag, 1.90 per cent Pb, 7.44 per cent Zn and 0.63 per cent Cu.
The company has also begun exploration work on the Au-Wen property in British Columbia, Canada. The Au-Wen property is 100 % owned by Victory Resources and is located 30 kilometers southeast of Merritt and 8 kilometers east of the historic Aspen Grove mining camp in south-central British Columbia, Canada. The property is comprised of 91 mineral claims covering an area of 34,200 hectares. The area covered is up to 39 kilometres long and up to 21 kilometres wide.
On behalf of The Board of Directors of Victory Resources Corporation.
Paul Lee, Director
This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Victory Resources Corp. which may cause actual results, performance or achievements of Victory Resources Corporation to be materially different from the results, performance or expectation implied by these forward looking statements. Neither 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 press release, which has been prepared by management.