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VanGold Mining Corp. Announces 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 Corp. Announces Private PlacementTHIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES~Accelerates Development of the El Pinguico Silver and Gold Project~VANCOUVER, BC / ACCESSWIRE / July 21, 2020 / VanGold Mining Corp (the \"Company\" or \"VanGold\") (TSXV:VGLD) has arranged a non-brokered private placement financing of up to 15,800,000 units (\"Units\") at a price of $0.155 per Unit for gross proceeds of approximately $2,450,000 (the \"Financing\"). 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 one common share of the Company at a price of $0.25 within two years of closing, subject to acceleration in certain events.VanGold intends to use the net proceeds from the Financing to accelerate the development of the El Pinguico silver and gold project in Guanajuato, Mexico, and for general corporate and working capital purposes. Specifically, the Company intends to initiate an underground drilling campaign to target extensions of high-grade in-situ silver and gold epithermal veins and stockworks. These vein and stockwork features are exposed in the old mine workings from when mining ceased in 1913. The Company is currently developing a computer model of the deposit to assist in generating specific underground drill targets.The targets being generated are separate and distinct from drilling that may intersect the confluence of the Veta Madre (Mother Vein) and the El Pinguico/El Carmen vein structures. The Company plans to drill these deeper, high impact, conceptual targets from surface later in the year.The Company intends to conduct the underground drilling program in parallel with its work to clear the El Pinguico shaft and sample the bottom of its underground stockpile, in preparation for the possible haulage of the underground stockpile material to surface for onward delivery to a nearby mill for processing. No contract for processing this material on a long-term basis has as yet been formalized by the Company. Further details of these plans will be discussed by the Company in subsequent news releases.In May, 2020 the Company sent 1,039 tonnes of material from its surface stockpile to Endeavour Silver Corp.'s (...