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TSX.V : VMI
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| | Fri Dec 31, 2004
Vault Closes $200,000 Flow-Through Financing
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| | Kirkland Lake, Ontario. Vault Minerals Inc. (the "Company" or "Vault") has completed a non-brokered private placement and has raised gross proceeds of $200,000 through the sale of 400,000 units at $0.50 per unit. Each unit comprises three flow-through common shares and one share purchase warrant with each whole warrant convertible to one non-flow-through common share at an exercise price of $0.20 until December 30, 2005.
In connection with this financing, the Company has paid a finder's fee equal to 7% of the gross proceeds raised and has issued 120,000 warrants convertible to common shares at an exercise price of $0.20 per warrant until December 30, 2005. The common shares issued or to be issued following exercise of the share purchase warrants will be subject to a four-month hold period expiring May 1, 2005.
Vault intends to use a portion of the net proceeds to fund eligible Canadian Exploration Expenses 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. (TSX-V: VMI) is a junior natural resource company involved in exploration for gold, base metals and diamonds. The Company's gold properties are located in the core of the Kirkland Lake gold camp, Ontario and within an area of active gold exploration in Urban Township, Quebec. Vault's diamond property lies southeast of De Beers' Victor diamond mine development in the James Bay Lowlands, Ontario. The Company is based in Ontario, with offices in Kirkland Lake and Toronto, and its capital consists of 14,320,468 issued and outstanding common shares, after giving effect to the aforementioned private placement.
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: Thu Jan 20, 2005, Diadem To Proceed With Vault's Attawapiskat Diamond Property
You can view the Previous Press Releases item: Wed Dec 22, 2004, Vault Proposes $200,000 Financing
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