TORONTO, ONTARIO--(Marketwired - May 10, 2013) -
NOT FOR DISSEMINATION IN THE UNITED STATES
A correction from source has been issued for the Virgin Metals release disseminated on May 10, 2013 at 2:40 PM ET. Additional information has been inserted regarding the details of the Private Placement. The complete and corrected press release follows.
Virgin Metals Inc. (the "Company") (TSX VENTURE:VGM) announced today that, subject to TSX Venture Exchange approval, it is increasing its non-brokered private placement (the "Private Placement") from $1,000,000 to $1,500,000 (see Press Release March 28, 2013 and April 10, 2013). Efforts to complete the Private Placement remain ongoing. The Company closed the first tranche of the Private Placement on March 28, 2013.
The Private Placement consists of 20,000,000 units (each, a "Unit") at a price of $0.075 per Unit. Each Unit is comprised of one common share (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant") of the Company. Each Warrant will entitle the holder to purchase one Common Share for a period of 24 months following the closing date of the Private Placement (the "Closing Date") at a price of $0.10 per Common Share.
The net proceeds of the Private Placement will be used to further advance the pre-feasibility report on the Company's Los Verdes property, as well as for working capital and general administrative purposes.
About Virgin Metals
Virgin Metals Inc. is a junior exploration and development company; its projects include two copper-molybdenum porphyry properties in Sonora, northern Mexico. One of these, Los Verdes, is currently the subject of a pre-feasibility study while the other, Cuatro Hermanos, is the focus of ongoing exploration efforts.
The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the benefit of U.S. persons except in certain transactions exempt from the registration requirements of such Act. This news release shall not constitute an offer to sell nor the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
Disclosure regarding forward-looking statements
Note: This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Corporation. These risks and uncertainties could cause actual results and the Corporation's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Corporation assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contact Information:
Chris Frostad
(416) 306-0990
www.virginmetals.com