TORONTO, ONTARIO--(Marketwire - July 27, 2012) - VVC EXPLORATION CORPORATION (TSX VENTURE:VVC)(FRANKFURT:V7S) ("VVC" or the "Company") is pleased to announce that it intends to raise up to $1,500,000 in a non-brokered private placement of units of the Company ("Units") at a price of $0.05 per Unit. Each Unit consists of one common share and one common share purchase warrant (a "Warrant") of the Company. Each Warrant entitles the holder to purchase one additional common share of the Company at $0.12 per share until August 31, 2013 and thereafter at $0.18 per share until August 31, 2014.
The proceeds from the offering will be used for exploration on the Company's Cumeral Property in Mexico, current accounts payable, current general administrative expenses, the cost of issue and for working capital. The private placement was conditionally accepted by the TSX Venture Exchange, subject to closing and filing all documentation before August 31, 2012. The securities issued pursuant to the private placement will be subject to a hold period which expires four months and one day following each closing.
A commission or finders' fee equal to 6% of the proceeds are payable to any arm's-length parties instrumental in raising funding.
A first tranche of $147,506 comprising of 2,950.120 units was completed with the remaining approximately $1.35 million to be closed in several tranches before August 31, 2012. Finders' fees totaling $2,880 are payable pursuant this first tranche.
VVC Exploration Corporation is a Canadian exploration company with projects in Mexico and Canada, including gold/silver prospects in Sonora and Sinaloa states, Mexico and in the Timmins area of northern Ontario. VVC is also aggressively searching for other projects - mainly precious minerals and base metals at various stages of development in North America, with an emphasis on near-surface gold and silver projects in Mexico.
On Behalf of the board of Directors
Michel J. Lafrance, Secretary-Treasurer
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