VALLEY HIGH VENTURES ANNOUNCES CLOSING OF $10,560,000 BOUGHT DEAL FINANCING
October 08 2010 - 8:59AM
PR Newswire (Canada)
VANCOUVER, Oct 8 /CNW/ -- /NOT FOR DISTRIBUTION TO UNITED STATES
NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ TSX-V
SYMBOL: VHV www.valleyhighventures.com VANCOUVER, Oct 8 /CNW/ -
Valley High Ventures Ltd. ("Valley High", or the "Company") (TSXV
Symbol VHV.V) is pleased to announce that it has today closed the
bought deal private placement financing announced September 23,
2010 (the "Offering"). The Company has issued 14,080,000
units at a price of CDN$0.75 per unit for gross proceeds of
CDN$10,560,000. Each unit consists of one common share of the
Company and one-half of one common share purchase warrant (the
"Unit"). Each whole warrant (the "Warrant") entitles the holder to
subscribe for one additional share of the Company for a period of
18 months from the closing of the Offering at an exercise price of
CDN$1.00. In the event that after four months and one day after the
closing of the Offering, the volume weighted average trading price
of the Company's common shares on the TSX Venture Exchange, for a
period of 20 consecutive trading days exceeds CDN$2.00, the Company
may, within five days after such an event, provide notice to the
Warrant holders of early expiry and thereafter, the Warrants will
expire on the date which is 30 days after the date of the notice to
the Warrant holders. The Offering was led by Canaccord Genuity
Corp. and included NCP Northland Capital Partners Inc., Haywood
Securities Inc., Cormark Securities Inc. and National Bank
Financial Inc. (the "Underwriters"). The Underwriters
received a cash commission of 6% of the gross proceeds raised
through the Offering and Warrants ("Broker Warrants") equal to 8%
of the Units issued through the Offering. Each Broker Warrant
shall be exercisable to acquire one common share of the Company at
an exercise price of CDN$0.85 for a period of 18 months from
closing. Securities issued under the Offering are subject to
a hold period which will expire four months and one day from the
date of closing, being February 9, 2011. The Company intends to use
the net proceeds of the Offering to conduct exploration on its
projects in Mexico and Canada, and for general working capital
purposes. This news release does not constitute an offer to sell or
a solicitation of an offer to buy any of the securities in the
United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available. About Valley High Ventures Ltd.: Valley
High is a Canadian based precious and base metal exploration
company with projects located in Mexico, British Columbia and
Yukon. The Cordero project in Mexico (49% interest) is being
evaluated for large bulk mineable silver, gold, zinc and lead
deposits. The Mount Polley project is located in British
Columbia adjacent to Imperial Metals Corporation's ("Imperial") Mt.
Polley copper-gold mine and includes a production royalty on the
Boundary Property, with Imperial. In the Yukon, Valley High
has an option to acquire a 100% interest in the Flume gold property
which is located within the newly recognized White Gold
District. Valdez Gold Inc. has been granted a right to earn
up to 75% interest in Valley High's interest in the Flume
property. VALLEY HIGH VENTURES LTD. "Geoff Chater" Geoff
ChaterPresident This news release includes certain "forward-looking
statements" under applicable Canadian securities legislation. Such
forward-looking statements or information, including but not
limited to those with respect to the prices of copper, estimated
future production, estimated costs of future production, permitting
time lines, involve known and unknown risks, uncertainties, and
other factors which may cause the actual results, performance or
achievements of Valley High to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements or information. Such factors
include, among others, the actual prices of copper, the factual
results of current exploration, development and mining activities,
changes in project parameters as plans continue to be evaluated, as
well as those factors disclosed in documents filed from time to
time with the securities regulators in the applicable Provinces of
British Columbia and Alberta. "Neither 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 release." p align="justify"bplease
visit Valley High's website at/ba
href="http://www.valleyhighventures.com/"www.valleyhighventures.com/abor
contact Geoff Chater at (604) 614 7830 or/b/p p
align="justify"bRenmark Financial Communications Inc.br//bBarry
Mire: a href="mailto:bmire@renmarkfinancial.com"
cr="true"bmire@renmarkfinancial.combr//aBarbara Komorowski: a
href="mailto:bkomorowski@renmarkfinancial.com"
cr="true"bkomorowski@renmarkfinancial.combr//aTel.: (514) 939-3989
or (416) 644-2020, a
href="http://www.renmarkfinancial.com"www.renmarkfinancial.com/a/p
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