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Aurvista Gold Closes Previously Announced Private Placement Raising C$500,000
MONTREAL, QC / ACCESSWIRE / July 25, 2016 / Aurvista Gold Corporation ( TSXV: AVA ) ( OTC...
About this update from Maple Gold Mines Ltd
[{"type":"text","content":"Aurvista Gold Closes Previously Announced Private Placement Raising C$500,000MONTREAL, QC / ACCESSWIRE / July 25, 2016 / Aurvista Gold Corporation ( TSXV: AVA) (OTC: ARVSF) (FSE: AV2) (\"Aurvista\" or the \"Company\") has closed the non-brokered private placement of C$500,000 (the \"Closing\"). The Private Placement consisted of 5,000,000 units at a price of C$ 0.10 per unit for gross proceeds of C$ 500,000. Pricing was based on the closing share prices on July 8th, 2016 and was approved by the TSXV at that time. Share prices have increased sharply since that price reservation. Each unit consisted of one common share and one half warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at an exercise price of C$ 0.13 per share for a period of 36 months from the closing date.\nAll the securities are subject to a four-month hold period from the Closing date. A finder's fee of C$16,100 will be paid in accordance with the policies of the TSX Venture Exchange (the \"Exchange\"), and the Company also issued 161,000 finder warrants allowing the holder to purchase one common share of Aurvista at C$ 0.13 for a period of one year from the Closing date. The private placement is subject to the final approval of the TSXV.\nThe Company intends on using the net proceeds from the private placement to continue advancing the Douay Gold Project and for general corporate purposes.\nVior Compensation Agreement\nAurvista acquired the Douay Gold Project in 2011 from the Société d'Exploration Minière Vior Inc. (\"Vior\"). The 2011 agreement provided Vior with a pre-emptive right to subscribe for shares of Aurvista in the event that Aurvista made any share issuances. Vior had wanted to participate in the Private Placement of Aurvista which closed today, but agreed not to participate at the request of Aurvista. In order to compensate Vior for not participating it was agreed that Aurvista would pay Vior C$ 120,000 for this specific offering, with its rights under the 2011 agreement remaining whole and unaffected.\nHiring of Fallon Capital Inc.\nAurvista has hired over a three-year term Fallon Capital Inc. (\"Fallon\"), for Promotional services under TSX Venture Exchange rules and policies. For its services, Fallon will receive 500,000 share options at a price of $0.24 per share over 5 year p...