|By Marketwired .||
|August 11, 2014 03:49 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/11/14 -- VVC Exploration Corporation ("VVC" or the "Company") (TSX VENTURE: VVC) is pleased to announce that its wholly owned subsidiary, Camex Mining Development Group Inc. ("Camex") has received the final documentation for a loan of up to US$4 million pursuant to a signed Term Sheet with Aeris Trading Corp. (the "Lender") which was announced by press release dated January 27, 2014. The loan which is subject to the acceptance of the TSX Venture Exchange ("TSXV") will provide funds for the completion of the permit and mine planning process on the Samalayuca Copper project in Northern Chihuahua Mexico which is 33.75% owned by VVC. Once the planned pilot mine is operating, the loan will be repaid from the proceeds of VVC's share of the Samalayuca mining revenue.
The loan is for US$2 million initially but can be extended to US$4 million, once mining permits for the Samalayuca Copper Project are received. The first $250,000 will be provided to Camex at the earlier of one month following the final signoff of all documents after receipt of the TSXV acceptance, or September 30, 2014. Subsequent draw-downs will be limited to $500,000 per month thereafter up to US$2 million. Interest on the loan is set at 12% per annum, with the first year's interest prepaid. The loan is for a maximum of 5 years and requires that one half of the revenue to be receives from the Samalayuca Copper pilot mining project be used for loan repayment until the loan is paid in full. In addition, for each $500,000 drawn-down, VVC has agreed to provide to the Lender with 1,000,000 shares of common shares of VVC and 2.000,000 share purchase warrants expiring in 5 years, aggregating 8,000,000 shares and 16,000,000 warrants if the full $4 million is received.
Jim Culver, VVC's President commented: "This loan will provide the Company with much needed funding to advance the Samalayuca Copper project to pilot production. We are pleased with being provided with the opportunity to work with Aeris and look forward to a successful startup of the Samalayuca Copper project."
In addition the Company expects to close, by September 19, 2014, a Private Placement Financing of up to CA$1.5 million representing 30 million units ("Unit" or "Units") at a price of $0.05 per Unit, subject to the acceptance of the TSXV. Each Unit consists of one common share and one common share purchase warrant (a "Warrant") of the Company. Each Warrant entitles the holder to purchase one additional common share of the Company at $0.12 per share for the first 2 years and at $0.18 for the next 3 years. The net proceeds will be used to cover maintenance fees and option payments on the Company's properties in Mexico, pay accounts payables, general corporate expenses and operating expenses in Mexico.
Also the Company expects to complete a debt conversion of up to CA$200,000 of its accounts payable by issuing up to 4 million Units of the Company at a price of $0.05 per unit, subject to the acceptance of the TSXV. The Debt Conversion Units will be according to similar terms as the Private Placement Units. The debt conversion transaction will close following receipt of the TSXV acceptance and all necessary signed documentation.
About VVC Exploration Corporation
VVC is a Canadian exploration and mining company with projects in Mexico and Canada, which includes a near production copper prospect in Chihuahua State, and gold and silver prospects in Sonora and Sinaloa States, Mexico. The Company also has a grassroots gold/VMS prospect in the Timmins area of northern Ontario. VVC is aggressively seeking to convert its near production copper project, Samalayuca, to pilot scale production, then full production.
On behalf of the Board of Directors
Michel J. Lafrance, Secretary-Treasurer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward -looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those concerning the Company's anticipated operational plans and activities including the revenue and growth outlook. Specifically, they include Company's statement that "the loan will provide funds for the completion of the permit and mine planning process on the Samalayuca Copper project".
Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding future growth, plans for and completion of projects by Company's third party relationships, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of Company's anticipated projects, delays or changes in plans with respect to the development of Company's anticipated projects by Company's third party relationships, risks affecting Company's ability to develop projects, risks inherent in operating in foreign jurisdictions, the ability to attract key personnel, and the inability to raise additional capital. No assurances can be given that the Company's efforts will result in .... Additional assumptions and risks are set out in detail in the Company's MD&A, available on SEDAR at www.sedar.com.
Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.
VVC Exploration Corporation
Aug. 29, 2015 03:30 PM EDT Reads: 414
Aug. 29, 2015 03:15 PM EDT Reads: 187
Aug. 29, 2015 01:00 PM EDT Reads: 124
Aug. 29, 2015 12:00 PM EDT Reads: 117
Aug. 29, 2015 11:45 AM EDT Reads: 129
Aug. 29, 2015 11:30 AM EDT Reads: 185
Aug. 29, 2015 11:00 AM EDT Reads: 191
Aug. 29, 2015 11:00 AM EDT Reads: 227
Aug. 29, 2015 10:30 AM EDT
Aug. 29, 2015 09:30 AM EDT Reads: 842
Aug. 29, 2015 09:30 AM EDT Reads: 432
Aug. 29, 2015 09:15 AM EDT Reads: 173
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes ab...
Aug. 29, 2015 08:45 AM EDT Reads: 573
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
Aug. 29, 2015 08:45 AM EDT Reads: 176
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
Aug. 29, 2015 08:00 AM EDT Reads: 171