FINANCING /Virginia Energy Corporation Announces Second Closing of
Public Offering
ASE SYMBOL: VRG
DECEMBER 30, 1996
CALGARY, ALBERTA--VIRGINIA ENERGY CORPORATION ("Virginia")
announces that it completed today a second closing of its public
offering of 70,000 A Units, each A Unit being comprised of one
common share and one common share purchase warrant and 1,968,485 B
Units, each B Unit being comprised of one common share issued on a
"flow-through" basis and one common share purchase warrant. The
gross proceeds raised from this second closing were $709,969.75
which together with its first closing held on December 20, 1996
brings the total gross proceeds realized from this offering to
$1,881,295. A third closing of A Units in order to complete the
maximum offering of $2,000,000 will be held on or before February
24, 1997. Virginia's common shares are listed for trading on the
ASE and the warrants will be listed on the ASE in the next two
weeks.
Canaccord Capital Corporation of Calgary acted as agent in
connection with this public offering.
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