Victory Resources Announces Closing of the Flow-Through Unit Non-Brokered Private Placement

Rhea-AI Summary

Victory Resources Corporation has successfully closed a non-brokered flow-through unit financing, raising $178,000 through the sale of 1,780,000 equity units priced at $0.10 each. Each unit includes one flow-through common share and a warrant exercisable for two years at $0.15. The company intends to allocate these proceeds towards its exploration properties in British Columbia. Following this financing, the total shares outstanding will be 50,173,415. The warrants may expire early if shares trade over $0.20 for 10 trading days.

Positive

• Raised $178,000 through non-brokered financing.
• Funds will support exploration activities in British Columbia.
• Warrants provide potential for additional capital if exercised.

Negative

• Proceeds from financing may not guarantee successful exploration outcomes.
• Subject to resale restrictions until January 19, 2021.

VANCOUVER, BC / ACCESSWIRE / September 21, 2020 / Victory Resources Corporation (CSE:VR) (FWB:VR61) (OTC:VRCFF) ("Victory" or the "Company") is pleased to announce the closing of its previously announced non-brokered flow-through unit financing. The Corporation raised gross proceeds of $178,000 through the sale of 1,780,000 equity units. The placement consists of units priced at $0.10 each, with each unit consisting of one flow-through common share and one warrant exercisable for 2 years from closing at an exercise price of $0.15. The Company may accelerate the expiry date of the Warrants at any time if its shares trade over $0.20 for 10 trading days.

After this issue, the Company will have 50,173,415 shares issued and outstanding. Securities issued on this closing shall be subject to resale restrictions to January 19, 2021.

The Corporation intends to use the proceeds for a work program on the Company's existing exploration B.C. property and any additional properties the Company may acquire.

For further information, please contact:

David Lane, President
Telephone: +1 (236) 317 2822
E-mail: IR@victoryresourcescorp.com

About Victory Resources Corporation

VICTORY RESOURCES CORPORATION (CSE:VR) is a publicly traded diversified investment corporation with mineral interests in North America. The company is also currently seeking other exploration opportunities, preferably in Canada.

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 Resources Corp.

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https://www.accesswire.com/607024/Victory-Resources-Announces-Closing-of-the-Flow-Through-Unit-Non-Brokered-Private-Placement

FAQ

What amount did Victory Resources Corporation raise in its recent financing?

The company raised $178,000 through the sale of 1,780,000 equity units.

What is the price per unit in the flow-through financing by VRCFF?

Units were priced at $0.10 each.

What is the exercise price of the warrants issued by VRCFF?

The warrants are exercisable at an exercise price of $0.15 for two years.

What will the proceeds from the financing be used for by Victory Resources Corporation?

The proceeds are intended to fund exploration activities on existing properties.

When do the resale restrictions for the issued securities expire for VRCFF?

The securities are subject to resale restrictions until January 19, 2021.