Offering proceeds to be used for exploration on properties in Quebec
By Devika Patel
Knoxville, Tenn., Dec. 21 – Visible Gold Mines Inc. said it plans a C$1.5 million private placement of units. The deal raised C$313,088 on Dec. 1 and C$500,000 on Monday.
The company is selling 27,272,727 units of one flow-through common share and one half-share warrant at C$0.055 per unit. Each full warrant will be exercisable at C$0.10 until June 1, 2017. The strike price represents a 150% premium to C$0.04, the closing share price on Nov. 30.
The company sold 5,692,500 units in the first tranche and 9,090,909 units in the second.
Proceeds will be used for exploration on the company’s properties in Quebec.
Visible Gold Mines paid $65,047 of finder's fees to Industrial Alliance Securities Inc, Secutor Capital Management Corp and Marquest Capital Markets.
The gold mining and exploration company is based in Rouyn-Noranda, Quebec.
Issuer: | Visible Gold Mines Inc.
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Issue: | Units of one flow-through common share and one half-share warrant
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Amount: | C$1.5 million
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Units: | 27,272,727
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Price: | C$0.055
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Warrants: | One half-share warrant per unit
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Warrant expiration | June 1, 2017
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Warrant strike price: | C$0.10
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Pricing date: | Nov. 4
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Settlement date: | Dec. 1 (for C$313,088), Dec. 21 (for C$500,000)
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Stock symbol: | TSX Venture: VGD
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Stock price: | C$0.04 at close Nov. 30
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Market capitalization: | C$4.26 million
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