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Vangold Mining Corp. Increases Private Placement to $700,000.00 - Closes First Tranche -
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About this update from Guanajuato Silver Company Ltd.
[{"type":"text","content":"Vangold Mining Corp. Increases Private Placement to $700,000.00 - Closes First Tranche -Not for Distribution to United States News Wire Services or for Dissemination in the United States VANCOUVER, BC / ACCESSWIRE / March 28, 2019 / Vangold Mining Corp (the \"Company\" or \"Vangold\") (TSXV:VAN) announces that it has closed the first tranche of the private placement announced on March 13, 2019 for gross proceeds of $335,000, consisting of 6,700,000 units at a price of $0.05 per unit as detailed below. A finder's fee of $9,450 was paid with respect to this tranche.The Company is also pleased to report that due to strong investor demand, mostly from current shareholders, the Company has increased the size of the private placement to $700,000, or 14,000,000 units in aggregate. Each unit consists of one common share of the Company and one share purchase warrant (a \"Warrant\"); each Warrant will entitle the holder to purchase one common share of the Company at a price of $0.10 within two years of closing.Insiders, officers, and directors of the Company (collectively \"Insiders\") participated as to 2,000,000 units of the first closing, which participation constituted \"related party transactions\" for the purposes of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The Company relied upon exemptions from the requirement to obtain a formal valuation and seek minority shareholder approval for the private placement on the basis that the fair market value of the Insiders' participation in the private placement was less than 25% of the Company's current market capitalization.Vangold intends to use the net proceeds from the private placement for general working capital and corporate purposes. The proposed increase in the private placement remains subject to acceptance by the TSX Venture Exchange.All securities issued in connection with the first closing are subject to a four-month hold period expiring July 27, 2019.About Vangold Mining Corp.Vangold Mining Corp is a Canadian-based precious metal mining company with a diverse range of projects in Mexico. Vangold continues to seek near production opportunities that will bring value to shareholders. ON BEHALF OF THE BOARD OF DIRECTORS \"James Anderson\" Chairman and CEOFor further information regarding Vangold Mining Corp, please contact: James ...