/NOT FOR DISSEMINATION IN THE U.S. NOR FOR
DISTRIBUTION TO U.S. NEWS WIRE SERVICES AND DOES NOT CONSTITUTE AN
OFFER OF THE SECURITIES DESCRIBED HEREIN/
VANCOUVER, BC, Aug. 26, 2021 /CNW/ - Virginia Energy Resources
Inc. (TSXV: VUI) ("Virginia Energy" or the "Company")
is pleased to announce a proposed non-brokered private placement of
up to 6.5 million common shares of the Company at a price of
$0.20 per common share for gross
proceeds of up to $1.3 million
("Private Placement").
The Private Placement is subject to certain conditions,
including, but not limited to, receipt of all necessary approvals,
including the approval of the TSX Venture Exchange. The securities
issued in connection with the Private Placement will be subject to
a four-month hold period, in accordance with applicable securities
laws. Finder's fees of up to 3% may be paid to certain
finders.
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, or applicable state securities
laws, and may not be offered or sold in the United States absent registration or an
exemption from such registration requirements. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
Results of Annual General Meeting
The Company is also pleased to announce the voting results from
the Annual General Meeting held on August
11th in Vancouver,
B.C. (the "Meeting"). A total of 16,939,305 common
shares of the 57,405,614 common shares outstanding at the record
date were voted at the Meeting, representing 29.5% of the issued
and outstanding common shares of the Company at the record
date.
Each of the following nominees set forth in the Company's
management information circular dated July
12, 2021, was elected as a Director of the Company to hold
office until the next annual meeting of shareholders or until their
successors are elected or appointed: Walter Coles, Sr., Neal
Keesee, Harold R. Roberts,
and Joseph M. Kiely.
Shareholders indicated overwhelming support for the nominees, with
each nominee receiving greater than 99.5% votes "for" and less than
0.5% of votes "withheld". Similarly the other matters placed
before shareholders at the meeting received near unanimous support
as well: setting the number of directors at four, approving the
reappointment of Smythe LLP, Chartered Professional
Accountants, as the auditors of the Company, authorizing the
Company's Board of Directors to fix the auditors' remuneration as
well as ratifying and approving the Company's 10% rolling Stock
Option Plan. Each of these other matters received 99.99% or
more of votes cast "for" and 0.01% or fewer of votes cast
"against."
About Virginia Energy
Virginia Energy Resources Inc. is a uranium development and
exploration company. The Company holds a 100% controlling interest
in the advanced stage Coles Hill uranium project located in south
central Virginia, USA.
On Behalf of the Board of Directors
of
VIRGINIA ENERGY RESOURCES
INC.
Walter Coles,
Sr.
President & CEO
Certain of the statements in this press release may
constitute "forward-looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable
Canadian securities laws. Forward-looking information includes, but
is not limited to, implications regarding the successful or
unsuccessful closing of a private placement financing, or
statements relating to filing of a lawsuit in federal court against
the Commonwealth of Virginia.
Forward-looking statements and forward-looking information
generally express predictions, expectations, beliefs, plans,
projections, or assumptions regarding future events or performance,
they do not constitute historical fact and they are subject to a
variety of risks and uncertainties which could cause actual events
or results to differ materially from those anticipated or implied
in such information or statements. Forward-looking statements and
information contained in this release are based on the beliefs,
estimates, and opinions of management on the date the statements
are made. There can be no assurance that such statements or
information will prove to be accurate. Actual results may differ
materially from those anticipated or projected.
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.
The securities referred to in this news release have not
been, nor will they be, registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold
within the United States or to, or
for the account or benefit of, U.S. persons absent U.S.
registration or an applicable exemption from the U.S. registration
requirements. This news release does not constitute an offer for
sale of securities for sale, nor a solicitation for offers to buy
any securities. Any public offering of securities in the United States must be made by means of a
prospectus containing detailed information about the company and
management, as well as financial statements.
SOURCE Virginia Energy Resources Inc.
