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VanGold Increases Placement to $12,600,000
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN ...
About this update from Guanajuato Silver Company Ltd.
[{"type":"text","content":"VanGold Increases Placement to $12,600,000THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES~ Funds to be Used to Purchase and Develop El Cubo ~ VANCOUVER, BC / ACCESSWIRE / January 19, 2021 / VanGold Mining Corp (the \"Company\" or \"VanGold\") (TSXV:VGLD) announces that due to increased demand and to allow for participation from existing security holders who may not otherwise qualify as accredited investors, the Company has expanded the size of its non-brokered private placement financing announced December 23, 2020 (the \"Private Placement\"). The Private Placement will now consist of a total of 42,000,000 units (\"Units\") at a price of $0.30 per Unit for gross proceeds of $12,600,000. Each Unit will consist of one common share of the Company and one half (1/2) of a common share purchase warrant (each whole warrant a \"Warrant\"); with each Warrant entitling the holder to purchase an additional common share of the Company at a price of $0.45 within three years of closing, subject to acceleration in certain events. All other terms of the Private Placement as announced on December 23, 2020 remain the same.The Private Placement remains subject to acceptance of the TSX Venture Exchange (the \"TSXV\") and is expected to close immediately prior to or concurrent with the Company's acquisition of the El Cubo mine and mill complex (\"El Cubo\"). The Company may pay finder's fees in cash, shares and/or warrants to certain finders in connection with the sale of Units in accordance with the policies of the TSXV and all securities issued pursuant to the Private Placement will be subject to a four month hold period from the date of closing.Reinstatement of Trading: The Company has submitted documentation pertaining to its acquisition of El Cubo (the \"Acquisition\"), as well as the Company's budget and financing plans in relation to the Acquisition, to the TSXV for review. Upon completion of that review process the Company expects its shares to be reinstated for trading on the TSXV.El Cubo Mine and Mill: On December 18, 2020 the Company announced it had signed a binding LOI with Endeavour Silver Corp. (the \"Endeavour Agreement\") to acquire El Cubo. Click here to see full news release. The El Cubo plant and tailings facilities are currently on short term care and maintenance and ...