Virgin Metals Inc.: Increases Private Placement
05.11.2010 | Marketwire
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.TORONTO, ONTARIO -- (Marketwire - Nov. 5, 2010) - Virgin Metals Inc. (the "Corporation" or "Virgin") (TSX VENTURE: VGM) announced today that it has agreed to increase the private placement announced on October 22, 2010 to up to $320,500. The Corporation will now be issuing a total of up to 1,602,500 units on or about November 10, 2010 at a price of $0.20 per unit (each, a "Unit"). Each Unit will be comprised of one common share in the capital of the Corporation (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share at any time for a period of two years, at a price of $0.25 per Common Share.
The private placement is subject to the approval of the TSX Venture Exchange.
About Virgin
Virgin is a junior exploration and development company; its projects include two copper-molybdenum porphyry properties in Sonora, northern Mexico. One of these, Los Verdes, is currently the subject of a pre-feasibility study while the other, Cuatro Hermanos, is the focus of ongoing exploration efforts.
Except for statements of historical fact contained herein, the information in this press release may constitute "forward-looking information" within the meaning of Canadian securities law. Other than statements of historical fact, all statements are "forward-looking statements", including the size and pricing of the private placement that involve various known and unknown risk and uncertainties and other factors, such as market conditions. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "forward-looking statements". Except as otherwise required by applicable securities statutes or regulation, Virgin expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Neither the Investment Industry Regulatory Organization of Canada nor the TSXV accepts responsibility for the adequacy or accuracy of this press release.
For more information, please contact
Virgin Metals Inc.
Chris Frostad
President and Chief Executive Officer
(416) 603-8368
www.virginmetals.com