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TSX.V : VMI
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| | Thu Feb 22, 2007
Vault Minerals Announces Closing of Private Placement
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| | Kirkland Lake, Ontario. Vault Minerals Inc. (TSX-V: VMI) ("Vault" or "the Company") announces that further to its press releases dated January 29, 2007 and February 21, 2007, it has raised gross proceeds of $750,000 by way of a brokered private placement.
The financing consisted of the sale of 1,875,000 units (the "Units") at a price of $0.40 per Unit. Each Unit consisted of one flow-through common share and one 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 $0.60 until February 22, 2008.
Primary Capital Inc. of Toronto, Ontario acted as agent (the "Agent") in this Offering and, in connection therewith, received a 7% cash commission on all proceeds received. In addition, the Agent received compensation options entitling 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 until February 22, 2008.
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, all securities issued in connection with this financing are subject to a four month hold period expiring June 23, 2007.
The proceeds 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 principal properties include the Kirkland Lake 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 28,051,093 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." |
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| | You can view the Next Press Releases item: Thu Apr 26, 2007, Goldcorp to Commence Drilling on Vault Minerals' Lebel Gold Property
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