Victory Mines Limited (ASX:VIC) announced a private placement of 208,831,169 shares at AUD 0.01155 per share for gross proceeds of AUD 2,412,000 on January 16, 2017. The transaction received commitments from high net worth and institutional investors. The investors will also receive one free option for every two shares subscribed at AUD 0.02 per each on or before December 28, 2020. The shares are being issued under the approval obtained from company’s General Meeting of shareholders that was held on November 15, 2016. On the same day, the company announced that it has issued 161,536,786 shares for gross proceeds of AUD 1,865,749.8783 in first tranche of the transaction.