Visible Gold Mines Announces Closing of fully subscribed $600,000 Private Placement
Visible Gold Mines Announces Closing of fully
subscribed $600,000 Private Placement
ROUYN-NORANDA, QC
,
Sept. 8, 2020
/CNW Telbec/ -
Visible Gold Mines Inc. (TSXV: VGD)
(
Frankfurt
: 3V41)
is pleased to announce that it completed a private placement by issuing
4,000,000 units (the "Units") at a price of
$0.15
per Unit, for gross proceeds to Visible Gold Mines
of
$600,000
. Each Unit is comprised of one common share and one common share purchase
warrant (a "Warrant"). Each Warrant entitles the holder to acquire one additional common share of
Visible Gold Mines at a price of
$0.25
until
September 4, 2022
.
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.
In connection with the private placement, Visible Gold Mines paid a cash commission in an amount of
$47,825
and granted 318,832 non-transferable broker warrants to First Republic Capital
Corporation ("First Republic"), who acted as sole finder in connection with the private placement.
Each broker warrant entitles First Republic to acquire one broker unit of Visible Gold Mines at a
price of
$0.15
per unit until
September 4, 2022
. Each of the broker units will be comprised of one
common share and one common share purchase warrant of Visible Gold Mines (the "Broker Unit
Warrants"). Each Broker Unit Warrant will entitle the holder to acquire one additional common share
of Visible Gold Mines at a price of
$0.25
until
September 4, 2022
.
As a result of the private placement, there are 30,464,539 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
January 5, 2021
.
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.
SOURCE
Visible Gold Mines Inc.
View original content:
http://www.newswire.ca/en/releases/archive/September2020/08/c2283.html
%SEDAR: 00025339E
For further information:
Martin Dallaire, President and Chief Executive Officer, Telephone: 819-
762-0107, Fax: 819-762-0097, E-mail: [email protected], Website:
www.visiblegoldmines.com
CO: Visible Gold Mines Inc.
CNW 09:25e 08-SEP-20