Completion of Non-brokered $1.3 million Private Placement /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/
TORONTO, Sept. 3, 2021 /CNW/ - Virginia Energy Resources Inc. (TSX.V: VUI) ("Virginia Energy" or the "Company") is pleased to announce that pursuant to its news release dated August 26, 2021, the Company has completed the non-brokered private placement by issuing a total of 6.5 million common shares of the Company at a price of $0.20 per common share for gross proceeds of $1.3 million ("Offering"). The Offering remains subject to final approval of the TSX Venture Exchange. All securities issued in the Offering are subject to a statutory hold period of four months and a day from the closing date of the Offering.
The net proceeds will be used 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 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.