Last C$0.04 CAD
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Volume 146.0K
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As of 10:36 AM 07/11/14 All times are local (Market data is delayed by at least 15 minutes).

vvc exploration corp (VVC) Snapshot

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07/16/13 - C$0.08
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vvc exploration corp (VVC) Details

VVC Exploration Corporation engages in the exploration and development of mineral resource properties in Canada and Mexico. It primarily explores for precious metals, such as gold and silver, as well as base metals. The company holds interests in the Cumeral property covering an area of approximately 6,649 hectares located in the State of Sonora, Mexico; and the La Tuna property covering an area of 3,533 hectares located in the Municipality of Alamos, Sinaloa State, Mexico. It also holds interests in the Timmins Township property consisting of nine claim units located in the Abitibi Greenstone Belt of Northern Ontario, Canada. VVC Exploration Corporation was incorporated in 1983 and is headquartered in Toronto, Canada. As of October 15, 2013, VVC Exploration Corp. operates as a subsidiary of The Palos Merchant Fund LP.

Founded in 1983

vvc exploration corp (VVC) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$90.0K
Chief Financial Officer
Total Annual Compensation: C$36.0K
Secretary, Treasurer and Director
Total Annual Compensation: C$48.0K
Consultant and Director
Total Annual Compensation: C$28.0K
Total Annual Compensation: C$83.0K
Compensation as of Fiscal Year 2014.

vvc exploration corp (VVC) Key Developments

VVC Exploration Corp. Auditor Raises 'Going Concern' Doubt

VVC Exploration Corp. filed its Annual on May 30, 2014 for the period ending Jan 31, 2014. In this report its auditor, Meyers Norris Penny LLP - MNP LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

VVC Exploration Corp. Signs $4 Million Loan Facility Term Sheet

VVC Exploration Corporation announced that as a part of a potential debt financing effort it has received and signed a Termsheet between Aeris Trading Corp. This $4 million term sheet, proposes a two part loan facility. First, a $2 million tranche to be available for drawdown by the end of February, and second, a further $2 million upon the receipt of all mining permits on the Company's 33% VVC owned Samalayuca Copper Project. The loan is focused on the startup of production at the Samalayuca Copper Project which is 33% owned by Camex, and may also be used for the corporate operations of Camex and VVC. A total loan facility of $4.0 million, with at least $500,000 to be advanced at the end of February 2104 and the balance at regular intervals over 12 months. Repayment will occur from 50% of any cash flow that Camex may receive from its Samalayuca Copper Project, and, in any case, must be completely repaid within 5 years from the date of the first disbursement. The loan will be secured by half of Camex's ownership of its Samalayuca Copper Project in Chihuahua, Mexico. Outstanding principal shall bear an interest rate of 12% per annum. A bonus of 1 million common shares of VVC (priced at $0.05 per share) and 2 million common share purchase warrants will be issued for each $500,000 drawdown of the loan facility, up to a maximum of 8 million shares and 16 million Warrants, if the full $4 million loan facility is utilized. Each Warrant entitles the holder to purchase one additional common share of the Company at $0.08 per share for a period of 5 years. Finders fees of 2% of the aggregate amount of the loan may be payable to persons, at arms' length to the Lender, Camex and VVC, who are instrumental in arranging the closing of this facility, payable on each draw-down. The terms of this loan will require the approval of the TSX Venture Exchange.

VVC Exploration Corp. Announces Management Changes

VVC Exploration Corporation announced having accepted the resignation of Patrick Fernet as Chairman and Officer of the company effective immediately. Mr. Fernet will continue as a Director of the company and as a consultant. The Board has appointed Terrence F. Martell, Ph.D. as Chairman of Board. Dr. Martel is the Saxe Distinguished Professor of Finance at the Zicklin School of Business, Baruch College, City University of New York where he also directs the Weissman Center for International Business. Previously to his current position, he was a senior executive of the Commodity Exchange in New York and is an expert in metals trading, options and derivatives. In addition he is an experienced board member. He is a Trustee of the City University of New York; a member of the board of ICE Group, the parent of the New York Stock Exchange, where he chairs the Risk Committee; he is Chair of ICE Clear US; he is Vice Chair of ICE Futures US; he is a board member of Ice Clear Credit where he also chairs the Risk Committee; he is a member of the Executive Committee of the Manhattan Chamber of Commerce, among others.


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