Viacorp Technologies Inc.

March 23, 2006 16:49 ET

Viacorp Closes $139,500 Private Placement

PENTICTON, BRITISH COLUMBIA--(CCNMatthews - March 23, 2006) - The Board of Directors of Viacorp Technologies Inc. (TSX VENTURE:VCP.H) ("Viacorp" or the "Corporation"), are pleased to announce the Corporation has closed the first traunche of its previously announced non-brokered private placement. The private placement announced in the press release dated September 20, 2005 consisted of 1,000,000 Units to raise $150,000. The Corporation has issued a total of 930,000 Units for gross proceeds of $139,500 to date and expects to close on the final $10,500 by the end of March 2006. Each Unit consisted of one Common Share and one Common Share purchase warrant, at a price of $0.15 per Unit. Each whole warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.25 per share until March 10, 2007. The Corporation issued 75,000 shares as finders fees. All shares and warrants are subject to a four-month hold period expiring on June 10, 2006.

The proceeds from the private placement will be used to complete its outstanding financial statements (which are required to address the existing Cease Trading Order), pay other debts, fund project identification and due diligence and for general working capital purposes.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Viacorp Technologies Inc.
    Mr. Larry Olson
    (250) 490-3378
    Viacorp Technologies Inc.
    2103 Tyrone Place
    Penticton, British Columbia V2A 8Z2
    (250) 490-3378
    (250) 490-3378 (FAX)