QUÉBEC, CANADA--(Marketwired - Feb. 10, 2015) - SOCIÉTÉ D'EXPLORATION MINIÈRE VIOR INC. (TSX VENTURE:VIO) (FRANKFURT:VL5) (the "Company" or "Vior") - announces that is has received conditional approval from the TSX Venture Exchange (the "Exchange") to consolidate its issued and outstanding common shares on the basis of one (1) share for every five (5) shares issued and outstanding. The consolidation of Vior's common shares was approved by Vior's Board of Directors. The Board of Directors believes that the proposed share consolidation will better position the Company to raise equity financing in light of the continuing difficult market conditions that exist for junior resource issuers.
The Company expects to complete the consolidation in the next few days and will announce such consolidation once it is completed. The Company's common shares will continue to trade under the symbol VIO and the name of the Company will remain unchanged. As a result of the share consolidation, Vior will have approximately 21,103,744 issued and outstanding common shares, compared to 105,518,721 shares outstanding prior to the consolidation. No fractional shares will be issued and all fractional shares resulting from the consolidation will be rounded up to the nearest whole number.
Vior will mail a letter of transmittal to its registered shareholders, who are required to exchange their current share certificates for new share certificates. Shareholders who hold their shares through a securities broker or dealer, bank or trust company will not be required to take any measures.
The Company also announces a non-brokered private placement, in which it will offer 1,000,000 units (the "Units") at a price of $0.10 per Unit and 714,286 flow-through shares (the "FT Shares") at a price of $0.14 per FT Share for aggregate total gross proceeds of up to $200,000 (the "Offering").
Each Unit will consist of one common share and one half of one common share purchase warrant (each whole warrant being a "Warrant"). Each Warrant will entitle the holder to acquire, upon exercise, one common share at a price of $0.14 per share for a period of 24 months from the closing date of the Offering.
The Units and FT Shares are offered on a post-consolidation basis and the closing of the Offering is expected to take place concurrently with the completion of the share consolidation.
The securities sold under the Offering will be issued pursuant to exemptions from the prospectus requirements of applicable securities laws, subject to the receipt of necessary regulatory approvals and to a 4-month hold period from closing.
Foothills Project
In other news, the Company is pleased to announce the latest field results as well as the designation of additional claims on the Foothills Project, located in the area of St-Urbain, 100 kilometres east of Quebec City.
The different exploration surveys carried out in the field from hundreds of sites between June 1 and October 27, 2014 define two streaks of rutile-bearing ilmenite blocks spread over a strike length of 9 kilometres in a northwest-southeast direction and a width of 5.5 kilometers. Blocks which contain visually up to 45% rutile have a TiO2 (titanium) content reaching up to 57.6%. Glacial patterns in the area suggest a source of these blocks being located a few kilometres away in the contact zone between the St-Urbain Anorthosite complex and the surrounding gneissic rocks.
To date, a total of 118 blocks of ilmenite containing varying quantities of rutile were found on Foothills, of which 20 were analyzed and TiO2 contents range from 42.1% to 57.6%, with an average of 52.5%. Following these results, the Company have map-staked 34 additional claims in order to secure the potential source area of the rutile-bearing blocks. The forecast for the price of the rutile on the market is estimated between US$1,110 and US$1,500 / tonne for the years 2015 to 2017 (sources: RBC Capital Markets' Estimates and Crédit Suisse).
In the coming weeks, the Company will carry out a helicopter-borne. high-definition, magnetic survey in order to better pinpoint exploration targets slated to be followed-up as early as spring 2015.
Work has been carried out by the personnel of IOS Services Géoscientifiques inc, under the supervision of Marc L'Heureux, P. Geo. who is the qualified person of Vior Inc.
Profile
Profile Vior's strategy is to generate, explore and develop quality projects in the best proven an accessible mining areas. Vior owns approximately 29.8% of the share capital of Aurvista Gold Corp. (TSX VENTURE:AVA), the owner of the gold Douay project, which contains a NI 43-101 compliant Mineral Resource of 114,652,000 tonnes at 0.75 g/t gold (2.8 million ounces of gold) in the Inferred category and 2,689,000 tonnes at 2.76 g/t gold (238,433 ounces of gold) in the Measured and Indicated categories, at a cut-off of 0.3 g/t gold (Aurvista press release of October 16, 2014).
SEDAR: Société d'exploration minière Vior inc.
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