ORIGINAL: VVC Resources Received US$5 Million
2023-08-04 08:00 ET - News Release
TORONTO, Aug. 04, 2023 (GLOBE NEWSWIRE) -- VVC Exploration Corporation, dba VVC Resources, ("VVC" or the "Company"), (TSX-V:VVC and OTCQB:VVCVF) received US$5,000,000 from the sale of a small portion of its ownership in Proton Green, LLC ("Proton Green”). VVC sold approximately one-seventh of its ownership in Proton Green and remains a significant investor in Proton Green, holding over 12%.
The proceeds from the private transaction enhance VVC’s overall financial position. Management intends to accelerate its U.S. helium and natural gas programs, as well as to continue development of its copper property in Mexico.
Specifically, in the U.S., VVC will complete the eight Syracuse wells that are adjacent to its completed internal pipeline. VVC will also test two promising helium and natural gas system wells in northwest Kansas.
"We are delighted with the outcome," said Terrence Martell, Chairman of VVC. "The additional capital reinforces our financial stability and provides us with the resources required to continue development of our focus projects in helium."