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VICEROY RESOURCE CORP. ANNOUNCES AGREEMENT

 VANCOUVER, Feb. 18 /PRNewswire/ -- Viceroy Resource Corp. ("Viceroy") (Toronto, Vancouver: VOY) announced today that it has signed an agreement with Midland Walwyn Capital Inc. ("Midland"), ScotiaMcLeod Inc. ("Scotia"), First Marathon Securities Ltd. ("First Marathon") and Bunting Warburg Inc., ("Bunting Warburg") pursuant to which Midland, Scotia, First Marathon and Bunting Warburg will purchase 3,500,000 special warrants of Viceroy at a price of $6.50 per special warrant. Each special warrant will be exercisable into one common share of Viceroy at no additional cost. The transaction is expected to close on or about March 9 and is subject to regulatory body approval.
 Under the terms of the agreement, Viceroy is required to file a preliminary prospectus in designated provinces of Canada on or before June 7 to qualify the distribution of the common shares issuable upon exercise of the special warrants. The proceeds of the sale of the special warrants are to be held in trust pending the satisfaction of certain conditions, including the issuance of a receipt for a final prospectus by securities commissions or similar authorities in such designated provinces.
 The issue provides Viceroy with net proceeds of $21,840,000. Funds will be added to working capital and may be used to finance the grinding circuit presently under construction at the Castle Mountain gold mine and or to buy down a portion of the company's present gold loan on an advantageous basis or, alternatively, to pursue other corporate development opportunities.
 -0- 2/18/93
 /CONTACT: D. Ross Fitzpatrick, president of Viceroy Resources, 604-688-9780/
 (VOY.)


CO: Viceroy Resource Corp. ST: British Columbia IN: SU:

KJ -- LA028 -- 7844 02/18/93 11:21 EST
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Publication:PR Newswire
Date:Feb 18, 1993
Words:275
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