Callinex announces C$6.6 Million offering

About this update from Visionary Copper And Gold Mines Inc.

[{"type":"text","content":"\n\n\n\n\n\nTRADING SYMBOL: \"CNX: TSX.V\"\n\n\nVANCOUVER, Aug. 4, 2011 /CNW/ - Callinex Mines Inc. (\"Callinex\" or the \"Company\") is pleased to announce that it has engaged Secutor Capital Management\n Corporation and Industrial Alliance Securities (collectively the \"Agents\") in connection with a private placement offering of flow-through\n shares (the \"Flow-Through Shares\") to raise up to Cdn $6.6 million (the \"Offering\") on a commercially reasonable basis.\n\n\nThe Agents will be paid a cash commission of 8% of the gross proceeds\n from the Offering raised by the Agents. As additional compensation, the\n Agents will be issued on the closing date of the Offering (the \"Closing Date\") compensation options (the \"Agents' Options\") entitling the Agents to subscribe for common shares in the amount of\n 8% of the number of Flow-Through Shares to be issued by the Company\n with an exercise price per Agents' Option set at the same price,\n subject to regulatory approval, as the price per Flow-Through Share\n under the Offering. The Agents' Options will have the same terms and\n conditions as the Offering and will be exercisable for a period of 18\n months from the Closing Date. All securities issued under the Offering\n are subject to a 4 month hold period in accordance with TSX Venture\n Exchange regulations.\n\n\nCertain directors and officers of the Company may acquire Flow-Through\n Shares under the Offering. Any such participation would be considered\n to be a related party transaction as defined under Multilateral\n Instrument 61-101. The transaction will be exempt from the formal\n valuation and minority shareholder approval requirements of MI 61-101\n as neither the fair market value of any Flow-Through Shares issued to\n or the consideration paid by such persons will exceed 25 per cent of\n the Company's market capitalization.\n\n\nThe Company intends to use the net proceeds of the Offering to incur\n exploration expenditures on the Company's Coles Creek property in\n British Columbia and the Company's Gossan Hill gold property in\n Manitoba.\n\n\nClosing of the Offering is expected to occur on or about August 25, 2011\n and is subject to receipt of all necessary regulatory approvals,\n including the approval of the TSX Venture Exchange. The Flow-Through\n Shares have not been registered under the U.S. Securities ...

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