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Visionary Gold Corp. Announces Closing of First Tranche of Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - July 15, 2022) - Visionary Gold Corp. (TSXV: VI...
About this update from Visionary Metals Corp
[{"type":"text","content":"Visionary Gold Corp. Announces Closing of First Tranche of Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - July 15, 2022) - Visionary Gold Corp. (TSXV: VIZ) (\"Visionary\" or the \"Company\") is pleased to announce that it has closed the first tranche (the \"First Tranche\") of its previously announced non-brokered private placement (the \"Offering\"), issuing 27,654,000 units of the Company (each, a \"Unit\") at a price of $0.05 per Unit (the \"Offering Price\") for gross proceeds of $1,382,700. Each Unit is comprised of one common share of the Company (each, a \"Unit Share\") and one half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant entitles the holder thereof to acquire one common share of the Company (each, a \"Warrant Share\") at a price of $0.10 for a period of 24 months from the closing date of the Offering. The net proceeds from the Offering will be used to fund the Company's 2022 exploration program and for general working capital purposes. The Company will provide additional information regarding closing of a second tranche once available. The closing of the second tranche is subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange (the \"TSXV\"). The Unit Shares, Warrants and Warrant Shares will be subject to a hold period of four months and one day in accordance with applicable securities laws.Wes Adams, Visionary's Chief Executive Officer and a Director, subscribed for 7,000,000 Units in the First Tranche pursuant to the Offering. The Subscription of Mr. Adams constitutes a \"related party transaction\" under Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions (\"MI 61-101\"). The Company intends to rely on exemptions from the valuation and the minority approval requirements of MI 61-101 provided for in subsections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the subject matter of, and the consideration to be paid in the Offering, in relation to Mr. Adams, does not represent more than 25% of the Company's market capitalization, as determined in accordance with MI 61-101. The participation by Mr. Adams in the Offering has been approved by directors of the Company who are independent in connection with such transactions. T...