VALLEY HIGH VENTURES ANNOUNCES CDN $7.5 MILLION BOUGHT DEAL FINANCING
September 23 2010 - 7:37AM
PR Newswire (Canada)
VANCOUVER, Sept. 23 /CNW/ -- /NOT FOR DISTRIBUTION TO UNITED STATES
NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Sept. 23 /CNW/ - Valley High Ventures Ltd. ("Valley
High", or the "Company") (TSXV Symbol VHV.V) is pleased to announce
it has entered into an agreement with Canaccord Genuity Corp. ( the
"Underwriter"), under which the Underwriter has agreed to purchase,
on a bought deal basis, 10,000,000 Units (the "Units") at a price
of CDN$0.75 per Unit for aggregate gross proceeds of CDN$7,500,000
(the "Offering"). Each Unit will consist of one common share of the
Company and one-half of one common share purchase warrant (each
whole warrant, a "Warrant"). Each Warrant will entitle the holder
to subscribe for one additional common share 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 Company will also grant the Underwriter an
over-allotment option to purchase up to an additional 3,400,000
Units at the offering price for additional gross proceeds of up to
CDN$2,550,000 exercisable 48 hours prior to the closing of the
Offering.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. The Offering is
scheduled to close on or about October 8, 2010 and is subject to
certain conditions including, but not limited to, receipt of all
required regulatory approvals. The securities issued by Valley High
in connection with this Offering are subject to a 4-month "hold
period" as prescribed by the TSX Venture Exchange and applicable
Canadian securities laws. 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.
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VALLEY HIGH VENTURES LTD. "Robert Cameron" Robert Cameron Chief
Executive Officer 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." please visit Valley
High's website at www.valleyhighventures.com or contact Geoff
Chater at (604) 614 7830; or Renmark Financial Communications Inc.,
Barry Mire: bmire@renmarkfinancial.com, Barbara Komorowski:
bkomorowski@renmarkfinancial.com, Tel.: (514) 939-3989 or (416)
644-2020, www.renmarkfinancial.com
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