Valley High Ltd Com (TSXV:VHV)
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VANCOUVER, Oct 8 /CNW/ --
/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TSX-V SYMBOL: VHV
www.valleyhighventures.com
VANCOUVER, Oct 8 /CNW/ - Valley High Ventures Ltd. ("Valley
High", or the "Company") (TSXV Symbol VHV.V) is pleased to announce that
it has today closed the bought deal private placement financing
announced September 23, 2010 (the "Offering"). The Company has issued
14,080,000 units at a price of CDN$0.75 per unit for gross proceeds of
CDN$10,560,000.
Each unit consists of one common share of the Company and one-half of
one common share purchase warrant (the "Unit"). Each whole warrant (the
"Warrant") entitles the holder to subscribe for one additional share of
the Company for a period of 18 months from the closing of the Offering
at an exercise price of CDN$1.00. In the event that after four months
and one day after the closing of the Offering, the volume weighted
average trading price of the Company's common shares on the TSX Venture
Exchange, for a period of 20 consecutive trading days exceeds CDN$2.00,
the Company may, within five days after such an event, provide notice to
the Warrant holders of early expiry and thereafter, the Warrants will
expire on the date which is 30 days after the date of the notice to the
Warrant holders.
The Offering was led by Canaccord Genuity Corp. and included NCP
Northland Capital Partners Inc., Haywood Securities Inc., Cormark
Securities Inc. and National Bank Financial Inc. (the "Underwriters").
The Underwriters received a cash commission of 6% of the gross proceeds
raised through the Offering and Warrants ("Broker Warrants") equal to 8%
of the Units issued through the Offering. Each Broker Warrant shall be
exercisable to acquire one common share of the Company at an exercise
price of CDN$0.85 for a period of 18 months from closing. Securities
issued under the Offering are subject to a hold period which will expire
four months and one day from the date of closing, being February 9, 2011.
The Company intends to use the net proceeds of the Offering to conduct
exploration on its projects in Mexico and Canada, and for general
working capital purposes.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption from
such registration is available.
About Valley High Ventures Ltd.:
Valley High is a Canadian based precious and base metal exploration
company with projects located in Mexico, British Columbia and Yukon.
The Cordero project in Mexico (49% interest) is being evaluated for
large bulk mineable silver, gold, zinc and lead deposits. The Mount
Polley project is located in British Columbia adjacent to Imperial
Metals Corporation's ("Imperial") Mt. Polley copper-gold mine and
includes a production royalty on the Boundary Property, with Imperial.
In the Yukon, Valley High has an option to acquire a 100% interest in
the Flume gold property which is located within the newly recognized
White Gold District. Valdez Gold Inc. has been granted a right to earn
up to 75% interest in Valley High's interest in the Flume property.
VALLEY HIGH VENTURES LTD.
"Geoff Chater"
Geoff ChaterPresident
This news release includes certain "forward-looking statements" under
applicable Canadian securities legislation. Such forward-looking
statements or information, including but not limited to those with
respect to the prices of copper, estimated future production, estimated
costs of future production, permitting time lines, involve known and
unknown risks, uncertainties, and other factors which may cause the
actual results, performance or achievements of Valley High to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements or
information. Such factors include, among others, the actual prices of
copper, the factual results of current exploration, development and
mining activities, changes in project parameters as plans continue to be
evaluated, as well as those factors disclosed in documents filed from
time to time with the securities regulators in the applicable Provinces
of British Columbia and Alberta.
"Neither 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."
p align="justify"bplease visit Valley High's website at/ba href="http://www.valleyhighventures.com/"www.valleyhighventures.com/abor contact Geoff Chater at (604) 614 7830 or/b/p p align="justify"bRenmark Financial Communications Inc.br//bBarry Mire: a href="mailto:bmire@renmarkfinancial.com" cr="true"bmire@renmarkfinancial.combr//aBarbara Komorowski: a href="mailto:bkomorowski@renmarkfinancial.com" cr="true"bkomorowski@renmarkfinancial.combr//aTel.: (514) 939-3989 or (416) 644-2020, a href="http://www.renmarkfinancial.com"www.renmarkfinancial.com/a/p