Gravitas Securities helps finance advancement of Silver Cliff property
By Wendy Van Sickle
Columbus, Ohio, June 23 – Viscount Mining Corp. said it settled its second and final C$1,075,000 tranche of an oversubscribed private placement of units, lifting the total deal size to C$2.3 million from C$2 million.
The company raised C$1,225,000 in the first tranche, which settled May 31. The deal priced on April 25 and was conducted by agent Gravitas Securities Inc.
The company initially offered 4 million units of one common share and one warrant at C$0.50 per unit on a best-efforts basis. It sold 2.45 million units in the initial tranche and 2.15 million units in the second.
The two-year warrants are each exercisable at C$0.70, a 42.86% premium to the April 22 closing share price of C$0.49.
Proceeds will be used to advance the company’s Silver Cliff property in Colorado.
The zinc, silver and gold explorer is based in Vancouver, B.C.
| Issuer: | Viscount Mining Corp.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$2.3 million, up from C$2 million
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| Units: | 4.6 million
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| Price: | C$0.50
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.70
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| Agent: | Gravitas Securities Inc.
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| Pricing date: | April 25
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| Settlement date: | May 31 (for C$1,225,000), June 23 (for C$1,075,000)
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| Stock symbol: | TSX Venture: VML
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| Stock price: | C$0.49 at close April 22
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| Market capitalization: | C$28.72 million
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