CLOSING OF A $3 M BOUGHT DEAL FLOW-THROUGH PRIVATE
Virginia Mines Inc. (?Virginia?)
announces that it has completed the $3.0 million bought-deal private
placement announced on September 9, 2011. The placement consists of 200,000
flow-through common shares at a price of $15.00 per share, which represents
74% premium to the last 10 days volume weighted average trading price for
gross proceeds of CA$3,000,000.
Oberon Capital Corporation (?Oberon?) acted as lead
agent on the offering and received a finder?s fee
equal to 6% of the gross proceeds of the financing and non-transferable
broker warrants entitling Oberon to subscribe for such number of common
shares of Virginia equal to 6% of the number of flow-through common share
issued. The warrants may be exercised at $10.50 per share and have a term of
12 months from closing.
Proceeds from the
offering will be used to fund exploration work on Virginia?s numerous projects.