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Viscount Private Placement Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 31, 2016) - Viscount Mining Corp. (TSX VENTURE:VML)(OTCQB:VLMGF) ("Viscount" or the "Company") is pleased to ann
About this update from Viscount Mining Corp.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 31, 2016) - Viscount Mining Corp. (TSX VENTURE:VML)(OTCQB:VLMGF) (\"Viscount\" or the \"Company\") is pleased to announce that it has closed today the first tranche of the Brokered Private Placement previously announced in its news release of April 25, 2016, (the \"Private Placement\") raising gross proceeds of $1,225,000 from the issuance and sale of 2,450,000 Units at a price of $0.50 per share. Each Unit consists of one (1) common share (\"Common Share\") of the Company and one (1) 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 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 Private Placement will be subject to a four month and one day resale restriction expiring October 1st, 2016 for the first tranche. Gravitas Securities Inc. (\"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 May 31, 2018. The Private Placement remains subject to the final approval of the TSX Venture Exchange. 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 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 report will be generated to substantiate the value of the Silver Cliff Property. Jim MacKe...