Business
Vior Closes $624,990 First Tranche of a Private Placement
MONTREAL, QC / ACCESSWIRE / July 22, 2022 / VIOR INC. ("Vior" or the "Corporation"), (TSXV:VI...
About this update from Vior Gold Corporation Inc.
[{"type":"text","content":"Vior Closes $624,990 First Tranche of a Private PlacementMONTREAL, QC / ACCESSWIRE / July 22, 2022 / VIOR INC. (\"Vior\" or the \"Corporation\"), (TSXV:VIO)(OTC PINK:VIORF)(FRANKFURT:VL51) is pleased to announce the closing of a first tranche of a private placement of units of the Corporation (the \"Offering\") for gross proceeds of $624,990. The Offering is comprised of the issuance of 4,807,614 units (the \"Units\") at a price of $0.13 per unit, with each Unit being comprised of one common share in the capital of Vior (a \"Common Share\") and one-half of one Common Share purchase warrant (each whole warrant a \"Warrant\"). Each Warrant entitles the holder to acquire one additional Common Share at an exercise price of $0.21 per Common Share for a period of 30 months from the closing date. The Warrants shall be subject to an accelerated expiry date clause whereby, at any time following the expiry of the four-months and one day hold period, should the trading price of the Common Shares on the TSX Venture Exchange (the \"TSX-V\") be equal to or exceed $0.35 for 10 consecutive trading days, as evidenced by the price at the close of the market, then Vior shall be entitled to notify the holder of its intention to force the exercise of the Warrants within a period of 30 days following the receipt of such notice by the Warrant holder.As a part of the Offering, Osisko Mining Inc. (\"Osisko\") exercised its equity participation right pursuant to an Investor Rights Agreement entered into by Vior and Osisko on March 17, 2021,and subscribed for 1,923,000 Units for gross proceeds of $249,990. Immediately following this closing, Osisko will own approximately 7.80% of the issued and outstanding Common Shares of Vior and 11.26% on a partially diluted basis, presuming the exercise of all Warrants held by Osisko.Also, the Corporation issued 2,884,614 units for gross proceeds of $375,000 to two Québec-based institutional funds, Fonds de solidarité FTQ and SIDEX Limited Partnership.Mark Fedosiewich, President and CEO stated: \"We are extremely pleased to have Osisko and these two Quebec based Institutional funds participate in this Offering and increase their ownership position in our Corporation, and we thank them for their ongoing support\".Vior intends to use the net proceeds from this Offering to fund exploration work in Quebec, as we...