2008 Press Releases
2007 Press Releases
2006 Press Releases
2005 Press Releases
2004 Press Releases
TSX.V : VMI
|
|  |  |
| | Mon Jan 29, 2007
Vault Minerals to Raise $600,000
|
| | Kirkland Lake, Ontario. Vault Minerals Inc. (TSX-V: VMI) ("Vault" or "the Company") announces that it intends to complete a financing to raise gross proceeds of up to $600,000 by way of a brokered private placement. The financing will consist of the sale of up to 1,500,000 units ("Units") at a price of $0.40 per Unit.
Each Unit will consist of one "flow-through share" ("Flow-Through Shares") and one common share purchase warrant (a "Warrant"). Each Warrant will be exercisable to acquire one common share (which is not a flow-through share) at a price of $0.60 for a period of 12 months from the closing date of the financing.
Primary Capital Inc. has agreed to act as agent (the "Agent") in connection with the private placement, pursuant to which it will receive a cash commission of 7% of the gross proceeds raised from the private placement. In addition, the Agent will receive compensation options which will entitle the Agent to purchase that number of common shares of the Company that is equal to 7% of the number of Units sold in the Offering at an exercise price of $0.60 per common share at any time during the 12 month period from the closing date of the financing.
Completion of the financing is subject to certain conditions, including approval of the TSX Venture Exchange, and the securities will be subject to a trading restriction of four months from the closing date of the financing.
The proceeds from the amount allocated to Flow-Through Shares forming part of the Units in the financing, will be used to fund exploration on the Company's properties.
About Vault
Vault Minerals Inc. is a Canadian junior exploration company engaged in gold and base metal exploration in Ontario. Its current property portfolio includes the Kirkland Lake Gold and Lebel Gold properties in Kirkland Lake and the Percy Lake VMS base metal property north of Sault Ste. Marie. The Company's capital consists of 26,176,093 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 these 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: Fri Feb 16, 2007, Vault Reports on Kirkland North and Prepares for Percy Lake Drilling
You can view the Previous Press Releases item: Wed Jan 24, 2007, Vault Confirms VMS Exploration Model at Percy Lake and Prepares for Phase II Drill Program
You can return to the main Press Releases page, or press the Back button on your browser.
|
|
