Business
Visible Gold Mines Announces $525,000 Private Placement
Visible Gold Mines Announces $525,000 Private Placement Canada NewsWire ...
About this update from Visible Gold Mines Inc.
[{"type":"text","content":"\n \n \n \n Visible Gold Mines Announces $525,000 Private Placement\n \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 Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n ROUYN-NORANDA, QC\n \n ,\n \n Jan. 7, 2021\n \n /CNW Telbec/ -\n \n Visible Gold Mines Inc. (TSXV: VGD) (\n \n Frankfurt\n \n : 3V41)\n \n (\n \n OTCQX: VGMIF\n \n ) announces that it will effect a private placement of up to 1,500,000 units at a price of\n \n $0.35\n \n per unit, for gross proceeds to Visible Gold Mines of up to\n \n $525,000\n \n .\n \n \n Each of the units will be comprised of one common share of Visible Gold Mines and one common share purchase warrant; each warrant will entitle its holder to acquire one additional common share of Visible Gold Mines at a price of\n \n $0.50\n \n for a period of 24 months from the closing date of the private placement.\n \n \n Closing of the private placement is expected to take place within the next week and is subject to approval by the TSX Venture Exchange.\n \n \n It is expected that a director and officer of Visible Gold Mines (the \"Officer\") will purchase 500,000 common shares to be issued at\n \n $0.35\n \n per share for total consideration of\n \n $175,000\n \n . It is also expected that another insider of Visible Gold Mines, being a person holding, directly or indirectly, on a partially-diluted basis, more than 10% of the issued and outstanding common shares of Visible Gold Mines (together with the officer, the \"Insiders\"), will purchase 500,000 common shares to be issued at\n \n $0.35\n \n per share for total consideration of\n \n $175,000\n \n . The issuance of shares to the Insiders will constitute related party transactions but will be exempt from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 -\n \n Protection of Minority Security Holders in Special Transactions\n \n as the fair market value of the shares to be issued to the Insiders doe...