Business
VanGold Mining Closes $3,690,520 First Tranche of Private Placement
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 Mining Closes $3,690,520 First Tranche of Private PlacementTHIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESAugust 6, 2020 - Vancouver, British Columbia - VanGold Mining Corp (the \"Company\" or \"VanGold\") (TSXV:VGLD) is pleased to announce it has closed the first tranche of its non-brokered private placement of up to 24,500,000 units (\"Units\") at a price of $0.155 per Unit for gross proceeds of $3,797,500 announced on July 21 and 22, 2020. (the \"Financing\"). The Company has issued a total 23,809,807 Units for gross proceeds of $3,690,520, with each Unit consisting of one common share of the Company and one half (1/2) of a common share purchase warrant (each whole warrant a \"Warrant\"). Each Warrant entitles the holder to purchase an additional share at a price of $0.25 for a period of two years, subject to acceleration in certain events.The Company anticipates closing a second and final tranche of the Financing on or about August 11, 2020, which may include an increase in the overall Financing to 25,645,000 Units for gross proceeds of up to $3,975,000 based on demand.All securities issued in connection with the first tranche of the Financing are subject to a four month hold period expiring December 6, 2020 and the Company has paid certain finder's fees in cash, shares and/or warrants in accordance with the policies of the TSX Venture Exchange.Work to clear the El Pinguico shaft and enter into and explore the underground workings of the mine as disclosed in the Company's news release of July 21, 2020 has begun and further details on the progress of this work will be forthcoming in future news releases.The El Pinguico Project:El Pinguico is a high-grade gold and silver deposit that was mined from the early 1890s until 1913. Toward the end of that period it was mined exclusively by The Pinguico Mines Company of New York City, whose shares traded on the Boston and New York Stock Exchanges. The mining was done principally from the El Pinguico and El Carmen veins, which are thought to be splays off the Mother Vein, or ‘Veta Madre'.The Veta Madre is associated with a mega fault that outcrops for 25 kilometres and is the most important source of precious metal mineralization in the region. The Veta Madre may cross VanGold's property at depth, underneath t...