Palos Merchant Fund L.P.

September 07, 2012 15:31 ET

Palos Merchant Fund Update on Position in VVC Exploration Corporation

MONTREAL, QUEBEC--(Marketwire - Sept. 7, 2012) - This press release is being published in relation to changes in material facts on the position of Palos Merchant Fund L.P. ("PMF") and its joint actor Camex Mining Development Group Inc. ("Camex") in VVC Exploration Corporation (TSX VENTURE:VVC) (the "Issuer").

Cancellation of warrants

PMF announces that the common share purchase warrants, exercisable at $0.18 and expiring on April 11, 2013 it holds in the capital of the Issuer, as well as those held by Camex (the "Warrants") have been cancelled at the request of PMF and Camex. PMF held 1,871,429 Warrants and Camex held 6,000,000 Warrants.

Current position

Currently, PMF and its joint actor hold 8,978,571 common shares in the share capital of the Issuer; PMF holds 2,919,977 common shares and Camex holds 6,058,594 common shares. The common shares held by PMF and its joint actor represent approximately 13.55% of the outstanding common shares of the Issuer.

General disclosure

PMF and its joint actor may, from time to time, acquire additional securities of the Issuer, may continue to hold their present position or may dispose of their securities.

This press release is being issued in order to comply with the disclosure requirements under applicable securities legislation. This press release is not an admission that any entity named herein owns or controls any described securities or is a joint actor with another named entity.

Additional information is provided in the early warning report filed on by PMF.

Contact Information

  • For further information or a copy of the early
    warning report please contact:
    Noah Billick
    Palos Merchant Fund L.P.