VVC Settles Future Property Liability by Issuing Warrants
December 21 2023 - 7:00AM
VVC Exploration Corporation, dba VVC Resources, ("VVC") or (the
"Company"), (TSX-V:VVC and OTCQC:VVCVF) announces the following
transaction:
Pursuant to an agreement entered into with
Orford Resources Inc. (“Orford”) on August 24, 2020, VVC acquired
Orford’s share of the Kaity Property (the “Property”) in Mexico.
VVC is now the sole beneficial owner of the Property which is held
in its Mexican subsidiary. The Property is the host of the Gloria
Copper Project.
The Company’s interest in the Property is
however encumbered, because of its obligation to make a payment of
$US 400,000 to Orford following the receipt of production revenue
from the Property. The Company has negotiated with Orford to
discharge the $US 400,000 payment obligation in consideration for
the issuance to Orford of 10,000,000 warrants exerciseable at CA$
0.06 per share and expiring in 5 years from the closing of the
transaction. This transaction is subject to the approval of the TSX
Venture Exchange (“TSXV”) and must close by December 31, 2023. The
TSXV is currently reviewing the application.
The settling of this obligation by issuing
warrants is beneficial to the Company, since this liability with be
removed, freeing up future cashflows that may be deployed in other
operational areas.
About VVC Resources VVC engages
in the exploration, development, and management of natural
resources - specializing in scarce and increasingly valuable
materials needed to meet the growing, high-tech demands of
industries such as manufacturing, technology, medicine, space
travel, and the expanding green economy. Our portfolio includes a
diverse set of multi-asset, high-growth projects, comprising:
Helium & industrial gas production in western U.S.; Copper
& associated metals operations in northern Mexico; and
Strategic investments in carbon sequestration and other green
energy technologies. VVC is a Canada-based, publicly-traded company
on the TSXV (TSX-V:VVC) and on the OTC Market (OTCQB:VVCVF). To
learn more, visit our website at: www.vvcresources.com.
On behalf of the Board
of Directors
Michel J. Lafrance,
Secretary-Treasurer
For further
information, please contact: |
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Patrick Fernet - (514) 631-2727 |
or |
Mike Culver - (202) 531-6559 |
E-mail: pfernet@vvcexploration.com |
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E-mail:
info@vvcresources.com |
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
2369 Kingston Road, PO Box 28059 Terry
Town, Scarborough, ON M1N 4E7 – Tel:
416-619-5304
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