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Viscount Announces $2 Million Private Placement to Advance Silver Cliff
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 25, 2016) - Viscount Mining Corp. (TSX VENTURE:VML) (OTCQB:VLMGF) ("Viscount" or "the Company") is pleased to
About this update from Viscount Mining Corp.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 25, 2016) - Viscount Mining Corp. (TSX VENTURE:VML) (OTCQB:VLMGF) (\"Viscount\" or \"the Company\") is pleased to announce a Brokered Private Placement (the \"Private Placement\") and has engaged Gravitas Securities Inc. (\"GRAVITAS\" or the \"Agent\") to complete a best efforts private placement to fund an assessment of its Silver Cliff property in Colorado. The private placement is for 4,000,000 units (each \"Unit\") at a purchase price of $0.50 per Unit, for aggregate gross proceeds to the Company of up to $2,000,000. Each Unit consists of one (1) common share (\"Common Share\") of the Company and one (1) non-transferable share purchase warrant (\"Warrant\"). Each Warrant will entitle the holder to acquire one (1) Common Share at an exercise price of $0.70 for a period of 24 months from the closing date of the Private Placement. In the event that the Company's common shares trade at a closing price on the Exchange of greater than $0.85 per share for a period of 30 consecutive trading days at any time after the closing date, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date hereafter referred to as the (\"Eligible Acceleration Date\") on which such notice is given by the Company. The private placement is subject to TSX Venture Exchange approval. There will be a hold period of four months and one day on all securities issued under this financing. Gravitas Securities Inc. (\"GRAVITAS\") has agreed to act as agent for and on behalf of Viscount with the proposed best efforts private placement offering, and is entitled to an Agency Fee of 7% of the cash received from the sale of the Offered Securities, and Broker Warrants equal to 7% of the aggregate number of Common Shares issued, on the same terms as the Warrants acquired by subscribers to the offering. The Company intends to use the net proceeds of the Private Placement for the advancement of the Company's 100%-owned Silver Cliff property in Colorado. Viscount Mining Corp plans to substantiate the mineral inventories through surface sampling, and core drilling followed by an evaluation of deposit(s) potential through geophysical surveys, offset drilling and detailed geological mapping. Once this is completed a...