Victory Battery Metals Corp. Announces Closing of Third Tranche of Financing

Rhea-AI Summary

Victory Battery Metals Corp. (OTC PINK:VRCFF) has successfully closed the third tranche of its non-brokered Unit Private Placement, raising a total of $688,600 through the sale of 8,607,500 Units at a subscription price of $0.08 per Unit. This follows previous tranches that raised $448,000 and $364,000. Each Unit consists of one common share and a warrant exercisable at $0.12 for two years. The funds will be utilized for working capital and general corporate purposes. The company has also incurred finders' fees of $2,560 and issued 32,000 broker warrants.

Positive

• Raised a total of $688,600 in third tranche of financing.
• Previous tranches raised $448,000 and $364,000, showing strong investor interest.
• Units offered at a price of $0.08, potentially favorable if the stock price increases.

Negative

• Dependency on market conditions for potential future financing.
• Warrants may dilute existing shareholders if exercised.

VANCOUVER, BC / ACCESSWIRE / February 22, 2023 / Victory Battery Metals Corp. (CSE:VR)(FWB:VR61 (OTC PINK:VRCFF) ("Victory" or the "Company") is pleased to announce that it has closed the third tranche of its non-brokered Unit Private placement (the "Financing"). In the first tranche the Company raised proceeds of $448,000 through the sale of 5,600,000 Units. In the second tranche the Company accepted subscriptions for 4,550,000 Units, for gross proceeds of $364,000. In the third tranche the Company accepted subscriptions for 8,607,500 Units at $0.08 per Unit, for gross proceeds of $688,600.

The Company paid finders fees on the third tranche to a qualified finder of $2,560 and issued 32,000 broker warrants, which are on the same terms as the warrants forming part of the Units.

Pursuant to the terms of the Financing, each Unit is offered at a subscription price of $0.08 per Unit. Each Unit consists of one common share and one common share purchase warrant exercisable at $0.12 for a two year period, subject to the right of the Company to accelerate expiry upon 30 days' notice if the common shares trade at $0.17 or higher for a period of 10 days, including days where there is no trading.

The Company intends to use net proceeds of the Financing for working capital requirements and other general corporate purposes.

For further information, please contact:

Mark Ireton, President
Telephone: +1 (236) 317 2822 or TOLL FREE 1 (855) 665-GOLD (4653)
E-mail: info@victorybatterymetals.com

About Victory Battery Metals Corp.

VICTORY BATTERY METALS CORP. (CSE:VR) is a publicly traded diversified investment corporation with mineral interests in North America. The company is also actively seeking other exploration opportunities.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.

SOURCE: Victory Battery Metals Corp.

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https://www.accesswire.com/740434/Victory-Battery-Metals-Corp-Announces-Closing-of-Third-Tranche-of-Financing

FAQ

What is the amount raised in the third tranche by Victory Battery Metals Corp. (VRCFF)?

Victory Battery Metals Corp. raised $688,600 in its third tranche.

What is the subscription price per Unit in Victory Battery Metals Corp.'s financing?

The subscription price per Unit is $0.08.

What are the terms for the warrants attached to the Units in VRCFF's financing?

The warrants are exercisable at $0.12 for a two-year period.

How much did Victory Battery Metals raise in the previous tranches?

In the first tranche, $448,000 was raised, and in the second tranche, $364,000.

What will the proceeds from the financing be used for by VRCFF?

The proceeds will be used for working capital requirements and general corporate purposes.