Victoria Resource Corporation

Victoria Resource Corporation

May 18, 2006 11:59 ET

Victoria Closes $7.5 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 18, 2006) -


Victoria Resource Corporation (TSX VENTURE:VIT) ("Victoria") is pleased to announce that it has closed a brokered private placement of 10 million units priced at $0.75 per unit, for gross proceeds of $7.5 million (see news release dated April 26, 2006). Each unit is comprised of one common share and one-half of one share purchase warrant. Each whole warrant is exercisable to purchase one common share at an exercise price of $1.00 for a one-year period from the date of closing. Bema Gold Corporation purchased 3 million units of this private placement and now holds a 29.7% interest in Victoria (not including exercise of the warrants received). Haywood Securities Inc. and Canaccord Capital Corporation acted as co-agents on this financing and were paid a cash commission of 6% of the gross proceeds, excluding proceeds raised from Bema. In addition, the agents received non-transferable compensation options entitling them to purchase 10% of the number of units sold under the private placement, excluding units purchased by Bema, at a price of $0.75 per unit for a one-year period from the date of closing. These units have the same terms as those issued to investors except the warrants will be non-transferable. All of the securities issued under the private placement have a four month hold period expiring on September 17, 2006.

Victoria will use the proceeds from this private placement for exploration of its Nevada properties, repayment of debt to Bema Gold Corporation and for general corporate purposes.

On behalf of Victoria Resource Corporation

Roger Richer, President and Director

For further information on Victoria please email or visit our website at

The common shares and warrants described herein and any securities which may be issued thereunder have not been and will not be registered under the U.S. Securities Act of 1933 as amended and may not be offered or sold in the U.S. or to a U.S. person in the absence of such registration or an exemption therefrom.

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

The TSX Venture Exchange neither approves nor disapproves the information contained in this news release.

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