Vanadian Energy Announces Increase of Private Placement
Date: Nov 14, 2018
Vanadian Energy Corp. (the “Company”) (TSXV: VEC), is pleased to announce that further to the Company’s news release dated October 17, 2018, the Company has increased its non-brokered private placement financing to gross proceeds of $1,250,000.
The Company has increased its placement from 4,000,000 flow-through shares (the “FT Shares”) to 5,000,000 FT Shares at a price of $0.10 each and has increased its placement from 6,250,000 non-flow through units of the Company (the “Units”) to 9,375,000 Units at a price of $0.08 each. Each Unit will consist of one common share and one-half common share purchase warrant. Each full warrant will entitle the holder to purchase one common share at a price of $0.17 per common share for a period of 2 years from closing.
The Company intends to use the proceeds from this private placement to continue exploration and development of the Company’s Huzyk Creek in Manitoba, as well as for general working capital. The private placement is subject to TSX Venture Exchange approval, and all securities are subject to a four-month-and-one-day hold period.
