Vital Resources Corp.

Vital Resources Corp.

November 01, 2007 17:55 ET

Vital Resources Announces Completion of Private Placement

CALGARY, ALBERTA--(Marketwire - Nov. 1, 2007) -


Vital Resources Corp. ("Vital") (CNQ:VITL) (FRANKFURT:VZN) is pleased to announce that it has closed a private placement for gross proceeds of $251,986. Vital issued 2,519,860 common shares at a price of $0.10 per common share. All securities issued in connection with this private placement are subject to a four month hold period that expires on March 1, 2008. The proceeds of the private placement will be used to fund Vital's capital commitments and for general corporate purposes.

Bentley International Oil Ltd., a company wholly-owned by Michael Nugent, a director of Vital, acquired 1,919,860 common shares issued pursuant to the private placement. As a result, Bentley International Oil Ltd., together with Michael Nugent, beneficially own 4,684,860 common shares (representing approximately 11.8% of Vital's outstanding common shares). Bentley International Oil Ltd. acquired the shares for investment purposes. Depending on market conditions, Bentley International Oil Ltd. and Mr. Nugent have no current intention to increase their beneficial ownership of Vital. Vital has determined that an exemption from the valuation and minority approval requirements of the Ontario Securities Commission Rule 61-501 is available as the common shares offered pursuant to the private placement and the consideration received by Vital from the insiders and related parties does not exceed $2,500,000.

After giving effect to the private placement, Vital has 39,778,460 common shares issued and outstanding.

The CNQ does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Vital Resources Corp.
    Michael Whitehead
    Chief Executive Officer
    (403) 668-1645
    Vital Resources Corp.
    Barry Foster
    (403) 668-1645