VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/16/12 -- Victory Mountain Ventures Ltd. (TSX VENTURE: VMV) announces that it has closed the second and final tranche of a non-brokered private placement originally announced July 30, 2012. The Company had previously announced on September 5, 2012 that it had closed the first tranche consisting of 3,340,000 units at a price of $0.15 for total proceeds of $501,000.
In the second and final tranche, the Company issued 400,000 non-flow through units at a price of $0.15 per unit for total proceeds of $60,000. Each unit consists of one common share and one share purchase warrant which entitles the holder to purchase one additional common share of the company at a price of $0.22 per share until November 15, 2014.
Shares, warrants and any shares issued upon exercise of the warrants are subject to a hold period of four months expiring March 16, 2013. The proceeds of the private placement will be used for general working capital.
Victory Mountain Ventures Ltd. (TSX VENTURE: VMV) is a Junior Exploration Company based in Western Canada. The Company has interests in Copper, Gold, Silver, Molybdenum and other base metals in Canada.
On Behalf of the Board of Directors
VICTORY MOUNTAIN VENTURES LTD.
Charles Desjardins, President and Director
This report contains forward-looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. The production rate and mine-life projections have been made without support of a feasibility study, there is no certainty the proposed operations will be economically viable. By their nature, forward-looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.