/NOT FOR DISSEMINATION IN THE
UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE
SERVICES/
TORONTO,
Nov. 5, 2012 /CNW/ - Viking Gold
Exploration Inc. (TSX-V:VGC), the "Company" or "Viking Gold", is
pleased to announce that it has now completed the second and final
tranche of a non-brokered private placement offering (the
"Offering"). Viking Gold has sold a further 225,000 units at
a price of $0.60 per unit for gross
proceeds of $135,000. Each unit
consists of five common shares (four flow-through common shares and
one non-flow-through common share) and two and one-half common
share purchase warrants. Each full warrant entitles the holder to
purchase an additional non-flow-through common share at a price of
$0.17 for a period of 24 months from
the date of closing of the Offering. The two tranches of financing
totalled 656,000 units for gross proceeds of $393,600.
The Company incurred 7% finders' fees in the
amount of $7,350 and issued 61,250
finders' warrants in connection with this financing. Each finder's
warrant entitles the holder to acquire one non-flow-through common
share at a price of $0.12 for a
period of 24 months from the date of closing of the Offering.
The proceeds of the Offering will be used 80% to
fund exploration expenditures and 20% for general corporate
purposes. Subsequent to the closing of the Offering, which
added 1,125,000 common shares, Viking Gold has 74,224,369 common
shares issued and outstanding.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release.
This press release contains forward-looking
statements. All statements, other than of historical fact, that
address activities, events or developments that the Company
believes, expects or anticipates will or may occur in the future
(including, without limitation, statements regarding the estimation
of mineral resources, exploration results, potential
mineralization, potential mineral resources and mineral reserves)
are forward-looking statements. Forward-looking statements are
often identifiable by the use of words such as "anticipate",
"believe", "plan", may", "could", "would", "might" or "will",
"estimates", "expect", "intend", "budget", "scheduled", "forecasts"
and similar expressions or variations (including negative
variations) of such words and phrases. Forward-looking statements
are subject to a number of risks and uncertainties and other
factors that may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Factors that could cause actual
results or events to differ materially from current expectations
include, among other things, without limitation, failure to
establish estimated mineral resources, the possibility that future
exploration results will not be consistent with the Company's
expectations, the price of commodities and other risks identified
in the Company's documents filed with the Canadian securities
regulatory authorities on SEDAR.com. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking
statement.
SOURCE Viking Gold Exploration Inc.