Virginia Energy Resources Inc. (TSX.V: VUI; OTCQX: VEGYF) ("Virginia Energy" or the "Company") has granted 3,029,700 stock options to directors, officers and consultants of the Company, subject to TSX Venture Exchange approval. The options will have a term of 5 years, expiring on April 30, 2018, and will allow the holder to purchase a common share in the Company at a price of $0.42. A portion of the options will be subject to vesting over a period of one year in accordance with Exchange regulations. Any shares issued on the exercise of these stock options will be subject to a four-month hold period from date of grant.
Subject to regulatory approval of this grant, the options outstanding for the Company will total 3,616,200 which would represent 6.32% of the outstanding common shares.
About Virginia Energy Resources Inc.
Virginia Energy Resources Inc. is a uranium development and exploration company. The company holds a 100% controlling interest in the advanced stage Coles Hill uranium project located in south central Virginia, USA. Additionally, the company owns mineral exploration properties in the Otish Basin of Quebec, Canada.
On Behalf of the Board of Directors of
VIRGINIA ENERGY RESOURCES INC.
Walter Coles, Sr.
President & CEO
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.