2008 Press Releases
2007 Press Releases
2006 Press Releases
2005 Press Releases
2004 Press Releases
TSX.V : VMI
|
|  |  |
| | Tue Oct 10, 2006
Vault Minerals Announces Closing of Private Placement
|
| | Kirkland Lake, Ontario. Vault Minerals Inc. (TSX-V: VMI) ("Vault" or "the Company") announces that further to its press releases dated September 11, 2006 and September 28, 2006, it has raised gross proceeds of $596,000 by way of a brokered private placement.
The financing consisted of the sale of 1,100,000 "flow-through" shares (the "Flow-Through Shares") at a price of $0.27 per Flow-Through Share and 1,300,000 non-flow-through units (the "Units") at a price of $0.23 per Unit. Each Unit consisted of one common share and one-half of one share purchase warrant (each whole such share purchase warrant, a "Warrant"). Each Warrant is exercisable to acquire one common share which is not a flow-through share at a price of $0.33 until October 10, 2007.
Primary Capital Inc. of Toronto, Ontario acted as agent in this Offering and, in connection therewith, received a 5% cash commission on all proceeds received. Closing of the private placement is subject to final approval of the TSX Venture Exchange. Pursuant to applicable securities legislation and the policies of the TSX Venture Exchange, the common shares and warrants comprising the units are subject to a four month hold period expiring February 11, 2007.
The proceeds obtained from the sale of Flow-Through Shares will be used to fund exploration on the Company's properties, including a Phase I Diamond Drill Program on its Percy Lake VMS Project scheduled for this fall. The proceeds obtained from the sale of Units will be applied to working capital and for general corporate purposes.
About Vault
Vault Minerals Inc. is a Canadian exploration company engaged in gold, base metal, and diamond exploration in Ontario. Its property portfolio includes the Kirkland Lake Gold and Lebel Gold properties in Kirkland Lake, the Percy Lake VMS base metal property north of Sault Ste. Marie and the Attawapiskat Diamond property in the James Bay Lowlands. With the completion of the Offering today, the Company's capital now consists of 26,126,093 issued and outstanding common shares which are listed for trading on the TSX Venture Exchange under the symbol 'VMI'.
On behalf of the Board of
VAULT MINERALS INC.
"Joe Horne"
Joseph D. Horne
President & CEO
For additional information, please visit our website at www.vaultminerals.com or contact Joe Horne, President, or Dan McCormack, P.Geo, Vice President at (705) 567 4511.
This Press Release may contain forward-looking statements that involve inherent risks and uncertainties. Actual events or results could differ materially from the Company's forward-looking statements and expectations, and the Company disclaims any obligation to update such forward-looking statements.
"The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release." |
| |
| | You can view the Next Press Releases item: Thu Nov 9, 2006, Vault Commences Drilling on Percy Lake VMS
You can view the Previous Press Releases item: Thu Sep 28, 2006, Vault Minerals Announces Changes to Terms of Private Placement
You can return to the main Press Releases page, or press the Back button on your browser.
|
|
