Business
Viva Gold Closes First Tranche of Private Placement
VANCOUVER, British Columbia--(BUSINESS WIRE)--Viva Gold Corp. ("Viva Gold" or the “Company”) (TSX Venture Exchange: VAU) announces that it has closed the first
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 Exchange: VAU) announces that it has closed the first tranche of the non-brokered private placement (the \"Offering\") described in its news release of December 4, 2019. In connection with the closing of the Offering, the Company issued an aggregate of 2,007,480 units (the \"Units\") at a price of CDN$0.24 per Unit for gross proceeds of CDN$481,795. Each Unit consists 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 is exercisable to acquire one Share at an exercise price of CDN$0.34 per Share until December 23, 2021 which is 24 months from the date of issuance. Net proceeds of the Offering will be utilized to complete a Preliminary Economic Assessment and other technical work on its Tonopah Gold Project in Western Nevada; and for general working capital purposes. This transaction constituted a \"related party transaction\" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Units acquired by the insiders, nor the consideration for the Units paid by such insiders, exceed 25% of the Company's market capitalization. As required by MI 61-101, the Company advises that it expects to file a material change report relating to the Offering less than 21 days before completion of the Offering, which is necessary to complete the Offering in an expeditious manner and is reasonable in the circumstances. The Company will pay aggregate finder’s fees of CDN$18,880.01, payable in cash, in connection with subscriptions from subscribers introduced to the Offering by Canaccord Genuity Corp and Mann Mann Jensen Partners Ltd. 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. Tonopah Project - Revised NI43-101 Filing Viva has filed a revised NI 43-101 Report on Mineral Resources, Tonopah Project, Nye County, Nevada (Revised), dated Dec...