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| | Wed Apr 21, 2010
Virginia Energy Closes First Tranche of Private Placement Financing
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| | News Release: 10-14
Virginia Energy Resources Inc. (TSX.V: VAE) is pleased to announce that it has closed the first tranche of the non-brokered private placement financing announced April 7, 2010, subject to regulatory approval. A total of 10,115,000 Units (where each Unit consists of one common share and one half of a share purchase warrant) will be issued for gross proceeds of $2,023,000. 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. Each full warrant can be exercised at a price of $0.35 per share for a two year period. The warrants will have an Accelerator Clause whereby if the Company's shares trade at or greater than a weighted average price $0.60 per share for ten consecutive days after the 4-month hold period, the remaining exercise period may be reduced, at the election of the Company and upon notice to the warrant holders, to 25 days.
The Company has paid finder's fees of $39,900 to accredited agents on a portion of the funds raised. We anticipate closing the second tranche on or about April 27, 2010.
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 in Virginia, and to general working capital.
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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