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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...
About this update from Visible Gold Mines Inc.
[{"type":"text","content":"\n\n\n\nVisible Gold Mines Announces Issuance of Shares in Payment of Certain Debts\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, April 14, 2020\n\n\n\nROUYN-NORANDA, QC, April 14, 2020 /CNW Telbec/ - Visible Gold Mines Inc. (TSXV: VGD) (Frankfurt: 3V41) announces that it intends to issue an aggregate of 3,575,200 common shares in settlement of debts in an aggregate amount of $178,760. The debts resulted from exploration services ($108,760) provided one of its creditors (the \"Debt Settlement\"), and for management services provided by a company controlled by Visible Gold's President and Chief Executive Officer ($32,500) and a company controlled by Visible Gold's Chief Financial Officer ($37,500), respectively (the \"Insider Debt Settlement\"), from January 2019 to March 2020.\nThe Insider Debt Settlement is considered a \"related party transaction\" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Insider Debt Settlement will be 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 to be issued to the company controlled by Visible Gold's President and Chief Executive Officer and to the company controlled by Visible Gold's Chief Financial Officer, nor the fair market value of the services provided by such companies, exceeds 25% of Visible Gold's market capitalization. \nThe common shares to be issued pursuant to the Debt Settlement and the Insider Debt Settlement will be issued at a deemed price of $0.05 per share and will be subject to a four-month hold period pursuant to applicable securities legislation and the policies of the TSX Venture Exchange.\nThe Board of Directors and Management of Visible Gold believe that the proposed settlement of debts through the issuance of common shares is in Visible ...