TORONTO, ONTARIO--(Marketwire - Oct. 9, 2012) - VVC EXPLORATION CORPORATION (TSX VENTURE:VVC)(FRANKFURT:V7S) ("VVC" or the "Company") announces that its Board of Directors (the "Board") has initiated a strategic review process to consider a range of strategic alternatives that have presented themselves to the Company, with a view to enhancing shareholder value. Strategic alternatives may include, but are not limited to, the acquisition of certain mining assets in Mexico, a merger or other business combination transaction involving a third party, a joint venture, as well as continued execution of the Company's existing business plan, or any combination thereof. Independent of the strategic review process, the Company plans on raising capital to fund its Cumeral exploration program and ongoing operations. The terms of this financing will be announced in due course in accordance with the rules of the TSX Venture Exchange.
A special committee ("Special Committee"), consisting of directors, Patrick Fernet, Michel J. Lafrance, and Peter M. Dimmell, has been appointed to oversee the strategic review process. The Special Committee has engaged Fraser Milner Casgrain LLP as its legal counsel in connection with this strategic review process.
The Company has not established a definitive timeline to complete its review and no decision on any particular alternative has been reached at this time. There can be no assurance that the process will result in a transaction of any form or, if a transaction is undertaken, as to its terms or timing. The Company does not intend to make any further announcements regarding the process unless and until the Board has approved a specific transaction or other course of action or otherwise deems disclosure of developments is appropriate. The Company intends to continue to pursue its present business plan during this period.
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
This news release contains forward looking statements relating to the Company's plans and other aspects of the Company's anticipated future operations, strategies, financial and operating results and business opportunities. Forward looking statements typically use words such as "anticipate", "believe", "project", expect", "plan", "intent" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future, or consists of statements regarding estimates of future production, operating costs or other expectations, beliefs, plans, objectives, assumptions or statements about future events or performance.
Although the Company believes that the expectations represented in such forward looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. As a consequence, actual results may differ materially from those anticipated in the forward looking statements and you should not unduly rely on forward looking statements. The forward looking statements contained in this news release are made as the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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