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Viva Gold Announces Closing of $1.2 Million Private Placement Offering
(TheNewswire) Langley, British Columbia – August 8, 2024 – TheNewswir...
About this update from Viva Gold Corp
[{"type":"text","content":"Viva Gold Announces Closing of $1.2 Million Private Placement Offering\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Langley, British Columbia – August\n8, 2024\n \n\n –\n \n\n TheNewswire\n \n\n :\n \n\n Viva Gold Corp.\n(\"Viva Gold\" or the “Company”) (TSX Venture Exchange:\nVAU) is pleased to announce that it has completed a non-brokered\nprivate placement offering (the \"Offering\"). In connection\nwith the closing of the Offering, the Company issued an aggregate of\n7,953,359 units (the \"Units\") at a price of CDN$0.15 per\nUnit for gross proceeds of CDN$1,193,004. Each Unit consists of one\ncommon share in the capital of the Company (a “Share”) and\none-half of one non-transferable common share purchase warrant (each\nwhole common share purchase warrant, a “Warrant”). Each whole\nWarrant is exercisable to acquire one Share at an exercise price of\nCDN$0.22 per Share until August 8, 2027, which is 36 months from the\ndate of issuance.\n \n\n\n\n “This financing will allow the company to complete\nthe drill program initiated in April of this year of up to 2,500\nmeters of reverse circulation drilling in 15 to 20 drillholes at its\nTonopah Gold project (“Tonopah”) located near Tonopah, Nevada. The\nprogram will target open extensions to gold mineralization. Additional\ntargets include areas of inferred gold mineralization that can be\nupgraded to higher confidence levels of measured or indicated\nresources with additional drilling. We anticipate being able to\ninitiate drilling in late August, early September. In addition, the\ncompany plans to update the resource model to incorporate all new\ndrillholes completed since January 2022 and to update Tonopah’s PEA\nstudy,” stated James Hesketh, President & CEO.\n \n\n\n\n Insiders of the Company acquired an aggregate of\n1,586,693Units in the Offering, which participation constituted a\n\"related party transaction\" as defined under Multilateral\nInstrument 61-101 Protection of Minority Security Holders in Special\nTransactions (“MI 61-101”). Such participation is exempt from the\nformal valuation and minority shareholder approval requirements of MI\n61-101 as neither the fair market value of the Units acquired by the\ninsiders, nor...