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VISIBLE GOLD MINES ANNOUNCES ISSUANCE OF SHARES IN PAYMENT OF CERTAIN DEBTS
VISIBLE GOLD MINES ANNOUNCES ISSUANCE OF SHARES IN PAYMENT OF CERTAIN DEBTS Canada News...
About this update from Visible Gold Mines Inc.
[{"type":"text","content":"\n \n \n \n VISIBLE GOLD MINES ANNOUNCES ISSUANCE OF SHARES IN PAYMENT OF CERTAIN DEBTS\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n ROUYN-NORANDA, QC\n \n \n ,\n \n \n Oct. 10, 2023\n \n \n /CNW/ -\n \n Visible Gold Mines Inc. (\"Visible Gold\" or the \"Company\")\n \n (TSXV: VGD) (\n \n Frankfurt\n \n : 3V41) announces that, further to the Company's news release of\n \n September 18, 2023\n \n , it has issued 78,125 common shares at a deemed price per share of\n \n $0.16\n \n in partial settlement of a debt in an amount of\n \n $12,500\n \n . The debt referred to in this news release has been settled and resulted from management services provided by a company controlled by Visible Gold's President and Chief Executive Officer (the \"\n \n Debt Settlement\n \n \"), from\n \n April 2023\n \n to\n \n August 2023\n \n , inclusively.\n \n \n The Debt Settlement is considered a \"related party transaction\" as defined under Multilateral Instrument 61-101 -\n \n Protection of Minority Security Holders in Special Transactions\n \n (\"\n \n MI 61-101\n \n \"). 9086-0735 Québec Inc. (\"\n \n 9086\"\n \n ), a company controlled by\n \n Martin Dallaire\n \n , the President, Chief Executive Officer and a director of Visible Gold, was issued 78,125 common shares of Visible Gold at a price per share of\n \n $0.16\n \n (representing 0.22% of the issued and outstanding common shares of Visible Gold following the issuance). Immediately after the issuance,\n \n Martin Dallaire\n \n holds, directly or indirectly, 4,357,625 common shares, 625,000 common share purchase warrants and 1,365,000 stock options of Visible Gold.\n \n \n The Debt Settlement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as Visible Gold's securities are not listed on any of the stock exchanges set out in Section 5.5(b) of MI 61-101 and neither the fair market value of the common shares issued to the company controlled by Visible Gold's President and Chief Executive Officer, nor the fair market value of the se...