Victory Res buys Ontario property, arranges financing
VICTORY ANNOUNCES RICH LAKE LITHIUM/GOLD UPDATE
Victory Resources Corp. has increased its lithium/gold landholdings in the Rich Lake and Opikeigan Lake area. The property comprises eight claims of 1,344 hectares, totalling 3,321 acres. The property is located 360 kilometres north of Thunder Bay and within 20 kilometres of Fort Hope in north-central Ontario. Past work by a number of exploration companies indicated a significant gold mineralization exists on the property. The property is situated within the Fort Hope greenstone belt, which, in this area, hosts numerous pegmatite dikes, which have been explored for their lithium and precious metals mineralizations since the 1950s. As interest and demand in lithium minerals has increased significantly, driven by the increased importance and production of lithium-ion batteries as the next-generation power source, the search for lithium has been renewed with many historically explored lithium properties under investigation.
The company has arranged the preparation of a National Instrument 43-101 report to be completed by an independent third party qualified person (John Archibald, PGeo). The company anticipates releasing results soon.
The company is also announcing a non-brokered private placement to qualified investors. The private placement financing will consist of up to four million units to be issued for gross proceeds of $200,000. Each unit will be priced at five cents, and will consist of one common share and one warrant. Each warrant shall entitle the holder to purchase one additional common share at a price of 10 cents per share, with an expiry date which is 24 months from closing.
The proceeds of this private placement will be used for general working capital purposes.
The private placement remains subject to TSX Venture Exchange approval.
About the company
Victory is a mineral exploration company focused on creating value through the exploration and development of its British Columbia and Ontario mineral properties.
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