VANCOUVER, BC – VICTORY RESOURCES CORP (the "Company") is pleased to announce that it has closed the first tranche of a working capital private placement (the “Private Placement”) to qualified investors for gross proceeds to the Company of $1,445,000.

 

The Private Placement resulted in the issuance of 5,780,000 units at a price of $0.25 per unit; each unit consists of one common share and one half of one share purchase warrant. A full warrant entitles the holder to acquire one additional share at a price of $0.40 for 24-months from closing. All securities issued are subject to a hold-period of 4-months from closing. Cash finder’s fees aggregating $59,600 were paid to qualified parties.

 

The Private Placement will provide working capital and an allocation for the funding of the Company’s near-term obligations under the recently announced Reforma Mine option agreement.

 

The Company has granted 778,000 options to directors, officers and consultants under its 2010 stock option plan (the “Plan”). The options may be exercised at a price of $0.25 for up to 5-years, subject to vesting restrictions and percentage limits imposed by regulatory requirements or the Plan, as applicable.

On behalf of the Board of Directors of Victory Resources Corporation

 

This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Victory Resources Corp. which may cause actual results, performance or achievements of Victory Resources Corporation to be materially different from the results, performance or expectation implied by these forward looking statements. Such uncertainties include the completion of the subject private placement. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
 

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