Victory Resources Corporation Closes Private Placement
Wednesday, 14 January 2009 06:30

VANCOUVER, BC - VICTORY RESOURCES CORPORATION (the "Company") wishes to announce it has closed its non-brokered private placement and has issued 13,350,714 units for aggregate proceeds of $690,249.98. The Company issued 810,714 flow-through and 12,670,000 non-flow-through units.

The flow-through units, issued at a deemed value of $0.07 per unit, consist of one flow-through common share and one-half of one non-flow-through warrant; each full warrant entitles the holder to purchase one common share at a price of $0.10 per share for one year. The Company will incur and renounce, with an effective date of Dec. 31, 2009, the eligible Canadian exploration expenses attributable to the flow-through units incurred in the 2010 calendar year.

The non-flow-through units, issued at a deemed value of $0.05 per unit, consist of one non-flowthrough common and one full non-flow-through warrant; each full warrant entitling the holder to purchase one common share at a price of $0.10 per share for three years.

The proceeds from this private placement will be used to finance exploration expenditures and to provide general working capital.

All securities issued have a hold period expiring April 18, 2010.

The Company also wishes to announce that it will grant 2,934,812 stock options to various directors, officers and consultants of the Company with an exercise price of $0.20 per common share for up to five years. The options will been granted in accordance with the terms of the CompanyΓÇÖs 10% rolling Stock Option Plan approved on September 23, 2009 and the Policies of the TSX Venture Exchange.

On behalf of the Board of Directors of Victory Resources Corporation.
Wally E Boguski, President, CEO, Director

This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Victory Resources Corporation which may cause actual results, performance or achievements of Victory Resources Corporation to be materially different from the results, performance or expectation implied by these forward looking statements. Such uncertainties include the completion of the announced debt settlement or private placement on the terms contemplated, or at all.

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 press release, which has been prepared by management.