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Viva Gold Corp Closes Private Placement
VANCOUVER, British Columbia--(BUSINESS WIRE)--Viva Gold Corp. (TSX-Venture: VAU; OTCBB: VAUCF) (the “Company” or “Viva”) is pleased to announce that it has clos
About this update from Viva Gold Corp
[{"type":"text","content":"VANCOUVER, British Columbia--(BUSINESS WIRE)--Viva Gold Corp. (TSX-Venture: VAU; OTCBB: VAUCF) (the “Company” or “Viva”) is pleased to announce that it has closed the second and final tranche of the non-brokered Private Placement (the \"Offering\") announced April 3, 2019. In connection with the closing of the second tranche, the Company issued 1,197,168 Units (the \"Units\") at a price of CDN $0.30 per Unit for gross proceeds of CDN $359,150. In total, the Company issued 3,395,502 Units in both tranches of the Offering for gross proceeds of CDN $1,018,650.60. 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$0.40 per Share. Warrants issued in the first tranche are exercisable until July 3, 2021 and those Warrants issued in the second tranche are exercisable until August 6, 2021, both of which are 24 months from the date of issuance. 18 placees subscribed to the Offering in the second tranche, with a total of 39 placees subscribing in both tranches of the Offering. Insiders of the Company acquired an aggregate of 50,000 Units in the second 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. 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 second tranche of CDN $8,400 in connection with subscriptions introduced to the Offering by Canaccord Genuity Corp. 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 V...