Business
Viva Gold Corp Closes First Tranche of Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, Oct. 26, 2018 (GLOBE NEWSWIRE) -
About this update from Viva Gold Corp
[{"type":"text","content":" NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, Oct. 26, 2018 (GLOBE NEWSWIRE) -- Viva Gold Corp. (TSX-Venture: VAU; OTCBB: VAUCF) (the “Company” or “Viva”) is pleased to announce that it has closed the first tranche of the non-brokered Private Placement (the \"Offering\") announced September 13, 2018. In connection with the closing of the first tranche of the Offering, the Company issued an aggregate of 1,047,670 units (the \"Units\") at a price of CDN $0.37 per Unit for gross proceeds of CDN $382,783.50. Each Unit consists of one common share in the capital of the Company (a “Share”) and one whole transferable common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each whole Warrant is exercisable to acquire one Share at an exercise price of CDN $0.47 per Share until October 26, 2020 which is 24 months from the date of issuance. A total of 10 placees subscribed to the Offering in the first tranche. The Company expects to close the final tranche of the Offering in the coming weeks. Insiders of the Company acquired an aggregate of 15,000 Units in the first tranche Offering, which participation 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 proceeds of the Offering will be used to perform drilling and metallurgical testing work at the Issuer's Tonopah Property, and for general working capital purposes. The Company will pay aggregate finder’s fees on the first tranche of CDN $22,571 and issue 13,120 Units in connection with subscriptions from subscribers including those introduced to the Offering by Foster & Associate...