VVC Exploration Corporation

VVC Exploration Corporation

August 07, 2014 11:05 ET

VVC Exploration: Results of Annual Meeting & Warrant Extension

TORONTO, ONTARIO--(Marketwired - Aug. 7, 2014) - VVC EXPLORATION CORPORATION (TSX VENTURE:VVC) (the "Company") announces that its Annual General of Shareholders ("AGM") took place on July 24, 2014 and that the shareholders approved the re-election of the existing Board of Directors. In addition, shareholders approved all other matters presented at the AGM, including the adoption of a new By-Law, the requisite annual approval of the Stock Option Plan for 2014 and the re-appointment of MNP LLP (formerly MSCM LLP) as auditors of the Company. The aggregate votes cast at the AGM represented 38,466,437 shares or 23% of all issued and outstanding shares.

Following the formal part of the AGM chaired by Terrence Martel, President Jim Culver with the assistance of Messrs Andre St-Michel, a consultant to the Company in Mexico, and Peter Dimmell, a Director and the Qualified Person of the Company, provided a review of the Company's projects, including Samalayuca, Cumeral and Escondida.

In a subsequent Board Meeting, the Directors reappointed the following executive officers for VVC:

  • Mr. James A. Culver, President and CEO
  • Dr. Terrence Martel, Chairman of the Board
  • Mr. Kevin Barnes, CFO
  • Mr. Michel Lafrance, Secretary-Treasurer

The Company also announces the extension of the expiry date of 7,721,620 Series T warrants to purchase 7,721,620 shares of the Company @ $0.18 per share, as permitted under the new TSX Venture Exchange ("TSXV") Policy. The warrants, which were expiring on August 30, 2014, will now expire on July 27th, 2017, and remain exercisable at $0.18 per share. These warrants were attached to a private placement of $387,581 approved by the TSXV on July 19 and September 25, 2012. The warrants are not currently in-the-money, and no warrants have been exercised. An aggregate of 2,861,500 of these warrants are held by insiders of the Company. The warrant extension is conditional on obtaining TSXV approval.

The Company further announces that Camex Mining Development Group Inc. ("Camex"), a subsidiary of the Company, has complete the private sale of all of the shares of the Company that were held by Camex when VVC acquired Camex on October 15, 2013. Under the CBCA, a subsidiary is not allowed to own shares of its parent company and was required to dispose of the VVC shares.

About VVC:

VVC is a Canadian exploration company with projects in Mexico and Canada, which includes a near production copper prospect in Chihuahua State, and gold and silver prospects in Sonora and Sinaloa States, Mexico. The Company also has a grassroots gold/VMS prospect in the Timmins area of northern Ontario. VVC is aggressively seeking to convert its near production copper project, Samalayuca, to pilot scale production, then full production.

On Behalf of the board of Directors

Michel J. Lafrance, Secretary-Treasurer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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