VVC receives $5M (U.S.) from sale of Proton shares
Mr. Terrence Martell reports
VVC RESOURCES RECEIVED US$5 MILLION
VVC Exploration Corp., doing business as VVC Resources, has received $5-million (U.S.) from the sale of a small portion of its ownership in Proton Green LLC. VVC sold approximately one-seventh of its ownership in Proton Green and remains a significant investor in Proton Green, holding over 12 per cent.
The proceeds from the private transaction enhance VVC's overall financial position. Management intends to accelerate its United States helium and natural gas programs, as well as to continue development of its copper property in Mexico.
Specifically, in the U.S., VVC will complete the eight Syracuse wells that are adjacent to its completed internal pipeline. VVC will also test two promising helium and natural gas system wells in northwest Kansas.
"We are delighted with the outcome," said Terrence Martell, chairman of VVC. "The additional capital reinforces our financial stability and provides us with the resources required to continue development of our focus projects in helium."
About VVC Exploration Corp.
VVC engages in the exploration, development and management of natural resources -- specializing in scarce and increasingly valuable materials needed to meet the growing, high-tech demands of industries such as manufacturing, technology, medicine, space travel and the expanding green economy. The company's portfolio includes a diverse set of multiasset, high-growth projects, comprising: helium and industrial gas production in western U.S.; copper and associated metals operations in northern Mexico; and strategic investments in carbon sequestration and other green energy technologies.
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