Lake Victoria Mining Company, Inc. (“ Lake Victoria” or the “ Company”) (LVCA:OTCBB) is pleased to announce it has closed a non-brokered private placement in the Company for 20,000,000 Units at a price of $0.15 per Unit for gross proceeds of US$3,000,000. Each Unit consists of one share of common stock and one share purchase warrant entitling the warrant holder to purchase an additional share of common stock at a price of $0.30 for a period of six months from the closing of the private placement.
The shares forming part of the Units and the shares acquired on exercise of the warrants are subject to restrictions by regulatory authorities. Proceeds of the private placement are intended to be applied to the Company's ongoing work program on its gold prospects located in the Lake Victoria Greenstone Belt in Tanzania, East Africa, continued exploration for new projects and general working capital. The Company also announces the issuance of 145,833 shares of its common stock to a director in settlement of outstanding debt of $35,000 at a deemed price of $0.24 per share.
About the Company
Lake Victoria Mining Company, Inc. is working to create another gold mine in the world famous Lake Victoria Greenstone Belt, Tanzania, East Africa. Tanzania gold exports alone earned it $1.076 billion in 2009, up from $932.4 million the previous year. Lake Victoria holds eight prospective gold projects and five uranium projects within its Tanzania property portfolio. Additional information regarding the Company is available on the corporate website at: www.lakevictoriaminingcompany.com or by contacting:Forward Looking Statements Except for the statements of historical fact contained herein, the information presented in this news release constitutes “forward-looking statements” as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as “forward-looking statements”. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the United States Securities and Exchange Commission (the “SEC”) (available at www.sec.gov) and with Canadian securities administrators (available at www.sedar.com). Such risks and uncertainties may include, but are not limited to, the risks and uncertainties set forth in the Company’s filings with the SEC, such as the ability to obtain additional financing, the ability to manage growth, acquisitions of technology, equipment or human resources, the effect of economic and business conditions, the ability to attract and retain skilled personnel and factors outside the control of the Company. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.