VANCOUVER, BC, CANADA (June 2nd, 2020) – Victory Resources Corporation (CSE: VR) (FWB: VR61) (OTC: VRCFF) (“Victory” or the “Company”) announced today that it will focus on its mineral exploration project, the Mal-Wen property located near Merritt, BC, with an exploration program consisting of geological mapping and sampling, over burden survey and airborne magnetometer and IP surveys.
It is anticipated that this program will cost approximately $150,000 and be completed in the third quarter of this year.
In addition the Company announces that it is undertaking a non-brokered private placement of up to $600,000 consisting of common share units issued at $0.02 per unit. Each unit will consist of one common share and one common share purchase warrant entitling the holder to subscribe for one common share for $0.05 for a period of 2 years from closing. Proceeds will be used for the exploration program described above, working capital and to evaluate other mineral properties that the Company is reviewing.
With the increased price of gold and renewed interest in the mining sector, the Company withdrew its Exchange application for a change of business, and will concentrate on its interest in that sector.
For further information, please contact:
David Lane, President
Telephone: +1 (236) 317 2822
About Victory Resources Corporation
VICTORY RESOURCES CORPORATION (CSE: VR) is a publicly traded corporation with mineral exploration interests in North America. The company is currently seeking other exploration opportunities, preferably in Canada.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.