Vancouver, BC – Victory Resources Corp (Symbol VR-TSXV) (the “Company”) is pleased to announce that it has received additional subscription agreements totaling 3,772,067 units, completing its 2nd tranche of the non-brokered private placement offered to qualified investors for additional gross proceeds to the company of $1,320,223.85.
The total of both tranches of the non-brokered private placement will result in the issuance of 7,607,369 units at a price of $0.35 cents a unit for total proceeds of $2,662,579.55. Each unit consists of one common share and one-half of one share purchase warrant. A full warrant entitles the holder to acquire one additional share at a price of $0.50 for 24 months from closing. All securities issued are subject to a hold period of four months from closing. Finders’ fees will be paid to qualified parties.
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.