Business
Viscount Mining Closes Final Tranche of Oversubscribed $2.3 Million Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 23, 2016) - Viscount Mining Corp. (TSX VENTURE:VML)(OTCQB:VLMGF) ("Viscount" or the "Company") is pleased to an
About this update from Viscount Mining Corp.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 23, 2016) - Viscount Mining Corp. (TSX VENTURE:VML)(OTCQB:VLMGF) (\"Viscount\" or the \"Company\") is pleased to announce that it has closed the second and final tranche of the Brokered Private Placement led by Gravitas Securities Inc. (\"GRAVITAS\") and previously announced in its news release of April 25, 2016, (the \"Private Placement\") raising gross proceeds, with the first tranche which closed on May 31, 2016, of $2,300,000 from the issuance and sale of 4,600,000 Units at a price of $0.50 per Unit. Each Unit consists of one (1) common share (\"Common Share\") of the Company and one (1) share purchase warrant (\"Warrant\"). No new insiders were created, nor any change of control occurred, as a result of this Private Placement. 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 20 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. These Common Shares and Warrants issued under the second tranche of the Private Placement will be subject to a four month and one day resale restriction expiring October 24, 2016. GRAVITAS acted as agent for and on behalf of Viscount and is entitled to an Agency Fee of 7% of the cash received from the sale of the Units to certain subscribers, and Compensation Warrants equal to 7% of the aggregate number of Units issued to certain subscribers, exercisable into Common Shares at an exercise price of $0.70 until June 23, 2018. 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 and for general working capital. Viscount plans to use a cost- effective exploration program with surface sampling, detailed geologic mapping, geophysics, geochemistry, and drilling for the confirmation of the historical geological work and resour...