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Visionary Gold Corp. Announces Initial Closing of Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - May 10, 2023) - Visionary Gold Corp. (TSXV: VIZ) (...
About this update from Visionary Metals Corp
[{"type":"text","content":"Visionary Gold Corp. Announces Initial Closing of Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - May 10, 2023) - Visionary Gold Corp. (TSXV: VIZ) (\"Visionary\" or the \"Company\") is pleased to announce that it has closed the second tranche of its previously announced non-brokered private placement (the \"Offering\"), issuing 12,235,713 units of the Company (each, a \"Unit\") at a price of $0.07 per Unit for gross proceeds of $856,500. Together with the first tranche of the Offering which closed on April 18, Visionary sold a total of 18,350,963 Units for aggregate gross proceeds of $1,284,567.50 pursuant to the Offering.The Company also closed its previously announced shares for debt transaction (the \"Transaction\") settling $474,286.44 of the Company's indebtedness to the Company's Chief Executive Officer and Director, Wesley Adams (\"Adams\"), by issuing 6,775,521 Units to Adams. Each Unit issued pursuant to the Offering and the Transaction 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 $0.14 for a period of 36 months from the applicable issuance date of the Units. The net proceeds from the Offering will be used to fund the Company's 2023 exploration program and for general working capital purposes. The closing of the Offering 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.The Transaction 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 debt settled in the Transaction, does not represent more than 25% of the Company's market capitalization, as determined in accordance with MI 6...