Victory Metals Closes $18.0 Million Financing, Proceeds With Nevada King Merger

Victory Metals (TSXV: VMX) this morning announced the closing of its final tranche of its private placement originally announced in December, raising gross proceeds of $18.0 million. With the closing of the placement, the company satisfies a closing condition of the firms merger with that of Nevada King Mining.

The placement as a whole saw a total of 32.8 million subscription receipts of the issuer sold at a price of $0.55 each. Each receipt will convert to one post-merger share of Victory Metals upon closing of the merger transaction, with no warrant being involved in the offering.

Proceeds from the offering are to be used to advance the firms development and exploration stage assets as well as for general corporate purposes.

With the closing of the offering, which was originally slated to be $8.0 million, the company will look to close the merger with Nevada King. The transaction, which is subject to customary closing conditions, is expected to be completed in the current quarter, at which point funds from the financing will be released from escrow.

Nevada King is currently the fourth largest land holder in Nevada, and is currently focused on the Atlanta Mine property. The property currently contains a measured and indicated resource of 460,000 ounces of gold, along with an inferred resource of 142,000 ounces of gold, with the resource area remaining open for further expansion.

Victory Metals last traded at $0.71 on the TSX Venture.


Information for this briefing was found via Sedar and Victory Metals. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Gold is Up 30%, But the Real Bull Market is Only Starting Now! | Adrian Day

Recommended

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Goliath Resources Expands 2025 Drill Program To 60,000 Metres

Related News

SKRR Exploration Intersects 50.24 Metres of 0.41 G/T Gold At Olson Property

SKRR Resources (TSXV: SKRR) this morning released the latest drill results from the recently completed...

Thursday, May 6, 2021, 09:24:40 AM

Exploits Discovery Receives Final Permits For 2021 Drill Programs

Exploits Discovery (CSE: NFLD) this morning revealed that it has received its fifth and final...

Thursday, May 6, 2021, 09:02:05 AM

GMV Minerals Completes First Half Of Ongoing Drill Program

GMV Minerals (TSXV: GMV) this morning provided the market with an update on its ongoing...

Tuesday, September 21, 2021, 07:46:29 AM

Newcrest Takes Newmont’s “Best And Final” $19.2 Billion Acquisition Bid

Australian gold miner Newcrest Mining (TSX: NCM) said on Monday it would back Newmont Corp’s...

Monday, May 15, 2023, 06:10:00 AM

Great Bear Reports Further LP Fault Results, Extends Closing Of $69.9 Million Offering

Great Bear Resources (TSXV: GBR) keeps chugging along with its exploration program at the Dixie...

Tuesday, February 16, 2021, 08:13:13 AM