Subject to regulatory approval, Victoria Resource (VSE) recently negotiated a brokered private placement through Yorkton Securities.
The placement includes up to two million units at 35 cents each. The units consist of one common share and one common share purchase warrant giving the holder the right to purchase an additional share at 45 cents for a 2-year period.
Proceeds from the placement will be used for further exploration on the company’s West Hills copper-oxide property in Arizona as well as for general corporate purposes.
Previous work on the West Hills project including trenching, test pitting, and grid sampling outlined a zone of copper-oxide mineralization 3,500 ft. long and 200-1,200 ft. wide grading up to 1% copper.
Bema Gold (TSE) owns about 23% of the company’s outstanding shares.
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