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Viva Gold Announces Private Placement
VANCOUVER, British Columbia--(BUSINESS WIRE)--Viva Gold Corp. ("Viva Gold" or the "Company") (TSX-Venture: VAU; OTCBB: VAUCF) is pleased to announce its intenti
About this update from Viva Gold Corp
[{"type":"text","content":"VANCOUVER, British Columbia--(BUSINESS WIRE)--Viva Gold Corp. (\"Viva Gold\" or the \"Company\") (TSX-Venture: VAU; OTCBB: VAUCF) is pleased to announce its intention to complete a non-brokered private placement (the \"Offering\") of up to 2,500,000 units (the \"Units\") at a price of CDN$0.24 per Unit for gross proceeds of up to CDN$600,000. Each Unit will consist of one common share in the capital of the Company (a \"Share\") and one whole transferable common share purchase warrant (a \"Warrant\"). Each whole Warrant will be exercisable to acquire one Share at an exercise price of CDN$0.34 per Share for a period of 24 months from the date of issuance. Viva Gold intends to use the net proceeds of the Offering to complete a Preliminary Economic Assessment and other technical work on its Tonopah Gold Project in Western Nevada, and for general working capital purposes. Certain insiders of the Company may acquire Units 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 Units subscribed for by the insiders, nor the consideration for the Units paid by such insiders, would exceed 25% of the Company's market capitalization. The Company may pay finder’s fees on a portion of the Offering, subject to compliance with the policies of the TSX Venture Exchange and applicable securities legislation. Closing of the Offering is subject to approval of the TSX Venture Exchange. The securities issued under the Offering, and any Shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring four months and one day from the date of issuance of such securities. About Viva Gold Viva Gold is a gold exploration and development company with a focus on Nevada. Viva holds 100% of the Tonopah Gold Project, a large land position with demonstrated high-grade measured, indicated and inferred gold resources, located on the prolific Walker Lane Trend in Nevada, 48 kilometers south-east of the Round Mountain mine of Kinross Gold and 30 kilome...