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Victory Resources set to raise C$4M from two non-brokered placings

The funds will be used for a work program on its BC property and any additional properties it may acquire

Victory Resources Corp -
Proceeds will also be used for general working capital, the firm said

Victory Resources Corp (CNSX:VR) (OTCMKTS: VRCFF) announced two non-brokered private placements to raise C$4 million for a work program on its BC property and any additional properties it may acquire.

In a statement, the firm will issue up to around 26.6 million units at C$0.075 each, for gross proceeds of $2 million.

Each unit consists of one share and one share purchase warrant, which entitles the holder to buy another share for C$0.10 for two years from closing, subject to the Company’s right to accelerate the expiry date in the event that the Company’s shares trade at C$0.20 or higher for 10 trading days.

The firm is also offering 20 million flow through units at C$0.10 per unit for gross proceeds of C$2 million.  Each flow through unit consists of one share and one share purchase warrant.

Each warrant entitles the holder to purchase one additional share at C$0.15 for two years from the date of closing, subject to the company’s right to accelerate the expiry date in the event that the Company’s shares trade at C$0.20 or higher for 10 trading days.

Proceeds will also be used for general working capital, the firm said.

Quick facts: Victory Resources Corp

Price: 0.065 CAD

CSE:VR
Market: CSE
Market Cap: $3.15 m
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