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Viscount Mining Closes Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 28, 2017) - Viscount Mining Corp. (TSX VENTURE:VML) (OTCQB:VLMGF) ("Viscount" or the "Company") is pleased to a
About this update from Viscount Mining Corp.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 28, 2017) - Viscount Mining Corp. (TSX VENTURE:VML) (OTCQB:VLMGF) (\"Viscount\" or the \"Company\") is pleased to announce the completion of a Non Brokered Private Placement raising gross proceeds of $1,250,000 from the issuance and sale of 5,000,000 Units at a price of $0.250 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 thereof to purchase one additional common share of the Issuer (a \"Warrant Share\") for a period of 1 year from the Closing Date at an exercise price of $0.35 per Warrant Share. The Issuer has the right to accelerate the expiry date of the Warrants in the event that the Shares trade on a recognized exchange at more than $0.50 for a 15 day period, which can include days where no Shares trade. Finder fees were paid totaling $29,575.00 cash and 84,500 broker warrants which will have the same terms and conditions as unit warrants. The Company intends to use the net proceeds of the Private Placement for a Phase 2 Drill Program to further advance its 100%-owned Silver Cliff property in Colorado as well as for general working capital. This follows the successful Phase 1 Drill Program from last fall, 2016. Since then Viscount has acquired significant additional historical records from various sources that aided recently-completed surface sampling, geologic mapping, geophysics, geochemistry work. Viscount's primary goal is to confirm the historical geological work and resource estimates to substantiate the value of Silver Cliff. Kaare Foy, Chairman commented, \"We are very pleased with the confidence of key investors and their support of the Company as we continue to develop our two key projects at Silver Cliff, Colorado and Cherry Creek, Nevada.\" The table below displays summary data for Viscount's 2016 \"K\" series of 2.5-inch diameter holes (HQ core) along with available data for the historic holes which were twinned. Although rock units dip or slope at 2° to 5° toward the east-southeast as noted under the heading \"Silver Cliff Geology\", the present interpretation is that silver-bearing mineralization and silica have replaced portions of...