Offering proceeds to be used for exploration on properties in Quebec
By Devika Patel
Knoxville, Tenn., Nov. 23 - Visible Gold Mines Inc. said it settled a C$2.88 million private placement of units. The deal priced for C$2.5 million with a 15% greenshoe on Nov. 4 and was conducted by Industrial Alliance Securities Inc. on a best-efforts basis.
The company sold 9,583,333 units of one flow-through common share and one half-share warrant at C$0.30 per unit. Each full warrant will be exercisable at C$0.40 for one year. The strike price represents a 66.67% premium to C$0.24, the closing share price on Nov. 3.
Proceeds will be used for exploration on the company's properties in Quebec.
The gold mining and exploration company is based in Rouyn-Noranda, Quebec.
| Issuer: | Visible Gold Mines Inc.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$2,875,000
|
| Units: | 9,583,333
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration | One year
|
| Warrant strike price: | C$0.40
|
| Agent: | Industrial Alliance Securities Inc.
|
| Pricing date: | Nov. 4
|
| Settlement date: | Nov. 23
|
| Stock symbol: | TSX Venture: VGD
|
| Stock price: | C$0.24 at close Nov. 4
|
| Market capitalization: | C$9.43 million
|
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