VVN.c - JV for lithium brine property in Alberta Further to its news releases dated May 5, July 21 and Aug. 18, 2016, Victory Ventures Inc. is actively in discussion with another company engaged in the Alberta lithium brine area for a possible joint venture for the company's large Alberta lithium-in-brine property. The company's consultant, Brent Hemingway, BSc, FGAC, DBM, has plotted the numerous wells on the company's property and is researching experts to move the company forward.
The Province of Alberta previously approved the transfer to the company of a 100-per-cent undivided interest in four contiguous metallic and industrial minerals exploration permits covering four townships northwest of the Fox Creek-Swan hills area in the Peace River district.
The exploration permits encompass an area approximately 36,800 hectares (91,000 acres), or about 400 square kilometres (144 square miles). There are more than 800 well sites within the permitted area as documented by the Province of Alberta, of which some are producing wells with lithium-content-in-well brines. The property is within MGX Minerals' Peace River Arch South area of permits and contingent southeast to its Pouce Coupe subproperty.
The company also announces its intention to proceed, subject to TSX Venture Exchange approval to a discretionary minimum pricing waiver, with a private placement of up to two million units at two cents per unit. Each unit consists of one common share and one share purchase warrant exercisable to acquire an additional share at five cents per share for a two-year period. Proceeds will be used for general working capital. Finders' fees of 10 per cent cash and 10 per cent broker warrants will be paid to qualified finders.
Victory Ventures is a Canadian-based junior mining exploration company focused on the procurement, exploration and development of precious metal properties in North America.