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Viva Gold Announces C$3 Million Private Placement Offering
Vancouver, Langley, BC - TheNewswire - February 27, 2022 - Viva Gold Corp. ("Viva Gold" or the “Company”) (TSXV:VAU) is pleased to announce a non-brokered priva
About this update from Viva Gold Corp
[{"type":"text","content":"Vancouver, Langley, BC - TheNewswire - February 27, 2022 - Viva Gold Corp. (\"Viva Gold\" or the “Company”) (TSXV:VAU) is pleased to announce a non-brokered private placement (the \"Offering\") of up to 21,428,571 units (the \"Units\") at a price of CDN$0.14 per Unit for gross proceeds of up to CDN$3,000,000. Each Unit will consist of one common share in the capital of the Company (a “Share”) and one whole non-transferable common share purchase warrant (a “Warrant”). Each whole Warrant will be exercisable to acquire one Share at an exercise price of CDN$0.23 per Share for a period of 36 months from the date of issuance. Viva Gold plans to allocate the net proceeds of the Offering principally towards drilling operations and completion of additional technical and environmental baseline studies at its Tonopah Gold Project (“Tonopah”), and secondarily for general working capital purposes. “Viva has received expressions of support for funding additional drilling and technical work at Tonopah from its major shareholders, who together own over 50% of Viva’s outstanding shares, representing a strong vote of confidence in Viva and it’s Tonopah Gold Project. This financing will allow us to follow-up on the exceptional drill results from our 2022 drilling programs at Tonopah, with the goal of adding to our gold resource base and to move the project into feasibility study and permitting,” stated James Hesketh, President and CEO. “Tonopah, located in the world-class mining friendly Walker Lane trend of western Nevada, has a strong core of near-surface measured and indicated gold resource with excellent exploration upside potential. This, combined with paved road access and power and water infrastructure, makes the project a strong target for development and value addition.” Certain insiders of the Company may acquire Shares in the Offering. Any participation by insiders in the Private Placement would constitute a \"related party transaction\" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). However, the Company expects such participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the Shares subscribed for by the insiders, nor the ...