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TSX.V : VMI
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| | Wed Dec 22, 2004
Vault Proposes $200,000 Financing
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| | Kirkland Lake, Ontario. Vault Minerals Inc. (the "Company" or "Vault") announces a proposed, brokered private placement of up to 400,000 units at a price of $0.50 per unit for gross proceeds to the Company of up to $200,000. Each unit comprises three flow-through common shares and one non-transferable warrant convertible to one non-flow-through common share at an exercise price of $0.20 at any time up to one year from closing.
The Company will pay to eligible agents a cash commission of 7% and up to 120,000 warrants convertible to common shares on the same terms as those contained within the units. The closing of the private placement is subject to regulatory approval, including approval of the TSX Venture Exchange, and it is anticipated that the common shares, when issued, will be subject to a trading restriction of four months from the date of issuance.
Vault intends to use a portion of the proceeds to fund CEE-eligible exploration this winter on its Magnum Property, situated in Urban Township, Quebec which is currently undergoing intensive exploration by numerous junior explorers and which has been the site of several, recently-announced gold discoveries.
About Vault
Vault Minerals Inc. is a junior natural resource company involved in exploration for gold, base metals and diamonds in Ontario and Quebec. Its common shares are listed for trading on the TSX Venture Exchange under the symbol "VMI". The Company owns the 69-claim unit Lebel gold property, situated in the heart of the historic Kirkland Lake gold camp, the 40-claim Magnum gold/base metal property located in the Urban-Barry belt of Quebec and the 3403-claim unit Attawapiskat diamond property located southeast of De Beers' Victor diamond mine development in the James Bay Lowlands. The Company is based in Ontario, with offices in Kirkland Lake and Toronto, and its capital consists of 13,120,468 issued and outstanding common shares.
On Behalf of the Board of
VAULT MINERALS INC.
"Andy Chater"
_______________________
Andrew M. Chater, P.Geo
President & CEO
For additional information, please visit our website at www.vaultminerals.com or contact:
Dan McCormack, Director
21 Goodfish Road
Kirkland Lake, Ontario P2N 3H7
Phone (705) 567 4511
Fax (705) 567 6873
Email info@vaultminerals.com
Andy Chater,President & CEO
Suite 711 -- 25 Adelaide Street East
Toronto, Ontario M5C 1Y2
Phone (416) 360 1985
Fax (416) 360 7193
Email info@vaultminerals.com |
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| | You can view the Next Press Releases item: Fri Dec 31, 2004, Vault Closes $200,000 Flow-Through Financing
You can view the Previous Press Releases item: Tue Dec 7, 2004, Vault Signs Letter Of Intent With Placer Dome
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