Victoria Resource Corporation

Victoria Resource Corporation

November 07, 2007 17:35 ET

Victoria Resource Corporation Completes Previously Announced $13.65 Million Private Placement

TORONTO, ONTARIO--(Marketwire - Nov. 7, 2007) -


Victoria Resource Corporation (TSX VENTURE:VIT) ("Victoria" or the "Company") is pleased to announce that it has closed its previously announced brokered private placement (the "Offering") of 19,500,000 units ("Units") comprised of one common share (a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant a "Warrant"). Each Warrant will entitle the holder to acquire an additional Common Share at a price of $0.85 for a period of 18 months from the date of closing of the Offering.

Blackmont Capital Inc. and CIBC World Markets Inc. acted as co-lead agents in connection with the offering, together with Orion Securities Inc. (collectively the "Agents"). As compensation for services rendered in connection with the Offering, the Agents were paid an aggregate cash commission of $810,264 and were issued broker warrants to purchase an aggregate of 1,007,520 common shares of the Company at a price of $0.74 per common share until November 7, 2008.

Net proceeds from the Offering will be used for exploration and general corporate purposes including working capital.

"This financing is extremely important for Victoria", stated Chad Williams, CEO, President, and Director. "The company is delighted to welcome several new prominent institutional shareholders; in addition we now have funds to continue significant work programs at many of our gold exploration projects in Nevada."

EastWest Gold Corporation (a subsidiary of Kinross Gold Corporation), took part in the Offering and continues to be the Company's largest shareholder, now holding an approximately 27% interest in the Company.

The Common Shares and the Warrants comprising the Units, as well as any Common Shares which may be acquired upon the exercise of the Warrants and broker warrants, will be subject to a four-month hold period under applicable Canadian securities laws. Completion of the Offering is subject to receipt by the Company of all necessary regulatory approvals.

Victoria is a high-growth, lower-risk company focused on gold. The Company endeavors to add value per share through efficient exploration and completing accretive acquisitions. In addition, Victoria's management keeps a constant vigilance on lowering the Company's risk profile through project diversification, prudent management of its financial resources, and choosing to operate in lower-risk jurisdictions. Victoria currently has interests in eight promising gold exploration projects located in Nevada covering an area of more than 100,000 acres. The Company's strengths lie in its exceptional property portfolio and its experienced and dedicated exploration team. Near-term catalysts related to exploration results, the constant evaluation of accretive corporate transactions, and other factors such as a higher gold price environment should assist the Company in adding value per share.

The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.


Chad Williams, CEO, President & Director

This discussion includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions.

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