TORONTO, Dec. 21, 2023 (GLOBE NEWSWIRE) — VVC Exploration Corporation, dba VVC Resources, ("VVC") or (the "Company"), (TSX-V:VVC and OTCQC:VVCVF) announces the following transaction:
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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: | ||
| Patrick Fernet – (514) 631-2727 | or | Mike Culver – (202) 531-6559 |
| E-mail: pfernet@vvcexploration.com | 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
