Virgin Metals Inc.

Virgin Metals Inc.

January 11, 2006 16:33 ET

Virgin Metals Inc. Completes CDN$1,143,000 Private Placement

TORONTO, ONTARIO--(CCNMatthews - Jan. 11, 2006) - Virgin Metals Inc. (the "Company") is pleased to announce that it has completed a non-brokered private placement of 2,540,000 units (a "Unit") of the Company at a price of $0.45 per Unit, for total proceeds of $1,143,000. Each Unit consists of one common share (a "Common Share") of the Company and one Common Share purchase warrant (a "Warrant"), each Warrant entitling the holder to purchase one Common Share at a price of $0.60 per share for a period of 24 months from the date of closing. Finder's fees of 228,000 Units and $11,250 were paid in connection with the completion of certain portions of the private placement. All securities issued pursuant to the private placement and the finder's fee are subject to a four month hold period from the date of closing. Proceeds of the private placement will be used to finance exploration of the Company's Los Verdes property located in the Province of Sonora, Mexico and to fund exploration on other resource properties the Company may pursue in the future as well as for general corporate purposes.

Contact Information

  • Virgin Metals Inc.
    Chris Berlet
    (416) 364-9988
    (416) 364-2595 (FAX)