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| | Wed Apr 7, 2010
Virginia Energy Increases Private Placement Financing
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| | News Release: 10-12
Virginia Energy Resources Inc. (TSX.V: VAE) is pleased to announce that due to strong demand for the recently announced non-brokered private placement financing (see news release dated April 1, 2010), the Company has agreed to increase the size of the offering to $2.5 million, subject to regulatory approval, with pricing and terms to remain the same. The shares issued under this financing will be subject to a hold period of four months plus one day from the date of closing of the offering.
Funds from this financing will be allocated to advancement of the Company's uranium exploration properties in the Otish Basin, Quebec, to increasing the Company's equity interest in the Coles Hill uranium deposit and to general working capital. In accordance with Exchange regulations, finders' fees may be payable to accredited agents on that portion of the funds raised by third parties. Company insiders are expected to participate for a portion of the placement and the financing is expected to close on or before April 19, 2010.
About Virginia Energy
Virginia Energy is a mining exploration company focused primarily on the energy sector. Emphasis is being placed on uranium projects in the Athabasca Basin of Saskatchewan, the Otish Basin of Quebec and an equity interest in the large Coles Hill uranium deposit in south-central Virginia
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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