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| | Fri Mar 12, 2010
Virginia Closes First Tranche of Non-Brokered Private Placement
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| | NR: 10-09
Virginia Energy Resources Inc. (TSX.V: VAE) is pleased to announce that the Company has completed the first tranche of a $400,000 non-brokered private placement flow-through financing, subject to final regulatory approval. A total of 1,000,000 flow-through shares will be issued at a price of $0.30 per share for gross proceeds of $300,000 in this first tranche closing. The balance is expected to close on March 15, 2010. In accordance with Exchange regulations, a finders' fee may be payable to accredited agents on that portion of the funds raised by third parties. The shares issued under this financing are subject to a hold period of 4 months and one day from the closing date of the offering.
The funds from this financing will be allocated to advancement of the Company's uranium exploration properties in the Athabasca Basin of Saskatchewan and on the Otish Basin, Quebec properties.
On Behalf of the Board of Directors
VIRGINIA ENERGY RESOURCES INC.
"Norman Reynolds"
Norman Reynolds, President & CEO
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
For further information contact: Norman Reynolds, President or
Tony Perri - Investor Relations, Manager
Suite 611, 675 W. Hastings Street Vancouver, British Columbia, Canada V6B 1N2
Tel: (604) 669-4799 Website: www.virginiaenergyresources.com |
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