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VIPR (the "Company") has to date received approximately $500,000 in financing during the previous quarter. The funding has been collected in stages from accredited investors who have provided the Company with a commitment for an additional $500,000 in funding. Once the $1 Million goal has been attained which the Company expects to be completed within the next quarter, an additional $5 Million commitment is likely to be exercised with the same accredited investors. Although the financing commitments are on a best efforts basis with no assurances that the total amount can or will be collected, the Company is optimistic which is as a result of its recent success in raising funding during what is thought to be by many in the industry as a difficult period for junior exploration and mining companies.
VIPR has been accumulating its cash reserves in expectation of utilizing these reserves jointly for further exploration on existing properties as well as additional key targeted acquisitions and/or joint ventures. The joint opportunities were not available prior to the previous quarter due to financial constraints. The more funding the company can secure, the healthier its options on various fronts. In other developments, VIPR has identified and isolated what it believes to be key target zones to be used towards any further exploration on its Singida-Londoni property in Tanzania. Additionally the Company has recently been using the services of key, well established professionals in the industry who are facilitating some key introductions on potential sought after acquisitions and/or joint venture opportunities. Further news and updates to be released as they become available.
Safe Harbor
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding discussion, the words "pleased," "plan," "confident that," "believe," "expect," or "intend to," and similar conditional expressions are intended to identify forward looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, general economic conditions, inherent mining risks, market conditions, competitive factors, the ability to successfully complete additional financings and other risks described in the Company's filings and website, which all investors are advised to view at viprindustries.com/motion.asp?menuid=6266&lgid=1&siteid=100382.
SOURCE: VIPR Industries Inc.
VIPR Industries Inc. Investor Relations (702) 940-0494 Email: info@viprindustries.com Website: www.viprindustries.com
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