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Visible Gold Mines Announces Closing of $280,000 Private Placement
Visible Gold Mines Announces Closing of $280,000 Private Placement Canada NewsWire...
About this update from Visible Gold Mines Inc.
[{"type":"text","content":"\n\n\n\nVisible Gold Mines Announces Closing of $280,000 Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nROUYN-NORANDA, QC, March 26, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n ROUYN-NORANDA, QC, March 26, 2019 /CNW Telbec/ - Visible Gold Mines Inc. (TSXV: VGD) (Frankfurt: 3V41) is pleased to announce that it has completed a private placement by issuing 3,500,000 units at a price of $0.08 per unit, for gross proceeds to Visible Gold Mines of $280,000. Each of the units is comprised of one common share and one common share purchase warrant of Visible Gold Mines. Each warrant entitles its holder to acquire one additional common share of Visible Gold Mines at a price of $0.15 until March 26, 2021.\nVisible Gold Mines will use the proceeds from this private placement for exploration on certain of its properties in Québec and for working capital purposes.\nOne director and officer of Visible Gold Mines (the \"Insider\") purchased 500,000 units for a total consideration of $40,000. The issuance of units to the Insider constitutes a related party transaction but is exempt from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") as Visible Gold Mines' securities are not listed on any stock exchange identified in Section 5.5(b) of MI 61-101 and neither the fair market value of the units issued to the Insider, nor the fair market value of the entire private placement, exceeds 25% of Visible Gold Mines' market capitalization. Visible Gold Mines did not file a material change report with respect to the participation of the Insider at least 21 days prior to the closing of the private placement as the insider participation was not determined at that time.\nAs a result of the private placement, there are 21,089,339 common shares of Visible Gold Mines issued and outstanding on a non-diluted basis. Und...