VVC Announces New Private Placement Closing, Debt Conversion, Acquisition of Samalayuca Shares and Grant of Options - Seite 2

Acquisition of Samalayuca Shares

The Company finalized an agreement with Micose S.A. de C.V. for the acquisition of 33,333 shares of Samalayuca Cobre S.A. de C.V. ("SCSA") in consideration for cash payments of US$200,000 and issuance of 3,000,000 VVC Shares (the "VVC-Micose transaction"). Subject to all conditions precedent been satisfied in Mexico and obtaining TSXV approval, the Shares will be issued and a first payment of $100,000 made on Closing, with the remaining cash payments to be made over a period 120 days following receipt the Explosive Permit in Mexico.

The due diligence has been completed with respect to the Amending Agreement Orford and IAP (News release of September 1), and the SCSA Shares to be acquired thereunder. The Company is now proceeding with an application to the TSXV for an amendment to their approval of the previous option agreement with Orford and IAP, as reflected in the Amending Agreements. The VVC-Micose Transaction will be submitted to the TSXV at the same time. The Company expects all transactions to be completed and closed in early November, but no later than December 31, following which the Company will own all of the issued and outstanding SCSA Shares.

SCSA is the owner of the Kaity Property where the Gloria Cooper Project is located. A National Instrument (NI) 43-101 Technical Report on the Kaity Property by Jacques Marchand P.Eng. Geology, dated April 21, 2019, was filed on SEDAR on May 7, 2019.

Stock Option Plan and Option Grants

The TSX Venture Exchange ("TSXV") has accepted for filing the Stock Option Plan ("SOP") approved by shareholders on August 28. The SOP is being filed on SEDAR and uploaded to the Company's website.

The Board granted incentive stock options ("Options") under the SOP, to officers, directors and consultants of the Company, to purchase up to an aggregate of 11,950,000 common shares, representing about 2.9% of the outstanding shares of the Company. The Options are exercisable at a price of CA$0.05 per share expiring September 28, 2030. Pursuant to the TSX Venture Exchange policies, the exercise price was fixed at the minimum allowable price. The Options, granted in accordance with the provisions of the SOP, are subject to the TSX Venture Exchange policies and the applicable securities laws. Of the Options granted, 27.2% were to Officers, 49.8% to Directors, and 23.0% to Employees/Consultants of the Company.