Visible Gold Mines Announces Closing of $280,000 Private Placement
Visible Gold Mines Announces Closing of
$280,000 Private Placement
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
ROUYN-NORANDA, QC
,
March 26, 2019
/CNW Telbec/ -
Visible Gold Mines Inc. (TSXV: VGD)
(
Frankfurt
: 3V41)
is pleased to announce that it has completed a private placement by issuing
3,500,000 units at a price of
$0.08
per unit, for gross proceeds to Visible Gold Mines of
$280,000
.
Each of the units is comprised of one common share and one common share purchase warrant of
Visible Gold Mines. Each warrant entitles its holder to acquire one additional common share of
Visible Gold Mines at a price of
$0.15
until March 26, 2021.
Visible Gold Mines will use the proceeds from this private placement for exploration on certain of its
properties in Québec and for working capital purposes.
One director and officer of Visible Gold Mines (the "Insider") purchased 500,000 units for a total
consideration of
$40,000
. The issuance of units to the Insider constitutes a related party transaction
but is exempt from the formal valuation and minority approval requirements of Multilateral Instrument
61-101 -
Protection of Minority Security Holders in Special Transaction
s ("MI 61-101") as Visible
Gold Mines' securities are not listed on any stock exchange identified in Section 5.5(b) of MI 61-101
and neither the fair market value of the units issued to the Insider, nor the fair market value of the
entire private placement, exceeds 25% of Visible Gold Mines' market capitalization. Visible Gold
Mines did not file a material change report with respect to the participation of the Insider at least 21
days prior to the closing of the private placement as the insider participation was not determined at
that time.
As a result of the private placement, there are 21,089,339 common shares of Visible Gold Mines
issued and outstanding on a non-diluted basis. Under applicable securities legislation and the policies
of the TSX Venture Exchange, the securities issued in the private placement are subject to a four-
month hold period, expiring on July 27, 2019.
About Visible Gold Mines
Visible Gold Mines is a vibrant company actively exploring for the next major gold deposit in
northwestern Québec, considered one of the world's best jurisdictions for mining and exploration.
Neither the 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
the release.
Website:
www.visiblegoldmines.com
SOURCE
Visible Gold Mines Inc.
View original content:
http://www.newswire.ca/en/releases/archive/March2019/26/c2377.html
%SEDAR: 00025339E
For further information:
Martin Dallaire, President and Chief Executive Officer, Telephone: 819-
762-0609, Fax: 819-762-0097, E-mail: [email protected]
CO: Visible Gold Mines Inc.
CNW 17:39e 26-MAR-19