Virgin Metals Inc. (TSX:VGM)reported that the company has completed a private placement of 7,981,818 equity units at a price of $0.055 per Unit resulting in gross proceeds of $439,000 to Virgin Metals.

The press release is quoted as saying:

Virgin Metals is a junior exploration and development company; its projects include two copper-molybdenum porphyry properties in Sonora, northern Mexico. One of these, Los Verdes, has been the subject of a pre- feasibility study and is expected to evolve rapidly towards production while the other, Cuatro Hermanos, has been the focus of an intense exploration effort.

Click here to access the entire press release

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