/NOT FOR DISSEMINATION IN THE
UNITED STATES
OR FOR DISTRIBUTION TO U.S. WIRE SERVICES/
TORONTO
,
Jan. 4
/CNW/ - Viking Gold Exploration Inc. (the "Company") announced today that it completed Tranche No. 1, a non-brokered private placement of 3,400,000 units for gross proceeds of
$170,000
, on
December 30, 2009
. The units were sold at a price of
$0.05
per unit with each unit being comprised of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of
$0.20
per share for a period of 36 months following the closing of the offering. The common shares and warrants comprising the units are subject to a statutory hold period expiring
May 1, 2010
.
The Company plans to complete its Tranche No. 2 follow-up offering prior to
January 31, 2010
.
The proceeds of these offerings will be used 80% to fund the Company's exploration programs on its property near Yellowknife, NT and 20% for general working capital purposes.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
For further information: Robert Ginn, CEO at (416) 364-6244 ext. 227 or visit our website at: www.vikinggold.ca
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