Veris Gold Corp. Announces Public Offering

About this update from Volcanic Gold Mines Inc.

[{"type":"text","content":"\n\n\nToronto Stock Exchange: VG\n\n\nVANCOUVER, Nov. 18, 2013 /CNW/ - Veris Gold Corp. (\"Veris\" or the \"Company\") (TSX: VG) (OTCQB: YNGFF)\n (Frankfurt Xetra Exchange: NG6A) is pleased to announce a marketed public offering of units (the \"Units\") and flow-through units (the \"Flow-Through Units\"). The offering of the Units and the Flow-Through Units is referred to\n herein as the \"Offering.\"\n\n\nEach Unit, at a price of $0.475 per Unit, will be comprised of one\n common share of the Company (a \"Unit Share\") and one-quarter of one common share purchase warrant (each whole\n warrant, a \"Warrant\"). Each whole Warrant shall entitle the holder thereof to acquire one\n common share of the Company (a \"Warrant Share\") at an exercise price of $0.60 for the 36 months following the\n issuance of the Warrant.\n\n\nEach Flow-Through Unit, at a price of $0.525 per Flow-Through Unit, will\n be comprised of one common share of the Company, which qualifies as a\n \"flow-through share\" within the meaning of the Income Tax Act (Canada) (the \"Flow-Through Shares\") and one-quarter of one Warrant (each whole warrant, a \"FT Warrant\"). Each whole FT Warrant shall entitle the holder thereof to acquire\n one common share of the Company (a \"FT Warrant Share\") at an exercise price of $0.60 for the 36 months following the\n issuance of the FT Warrant. (The exercise price of $0.6025 reflected in\n the preliminary prospectus supplement will be amended to $0.60 in the\n final prospectus supplement.)\n\n\nThe Offering will be conducted on a best efforts agency basis pursuant\n to an agency agreement to be entered into among the Company and a\n syndicate of agents led by Secutor Capital Management Corporation (collectively, the \"Agents\"). The Company expects to close the Offering by November 27, 2013.\n\n\nThe Company intends to use the net proceeds of the Offering to (a) make\n payments under the forward gold purchase agreement to which the Company\n is a party, (b) upgrade and refurbish the dry mill equipment at its\n Jerritt Canyon mill operations, (c) complete the development of the\n underground mine facilities at the Saval 4 property, (d) fund\n exploration activities at the Company's Ketza River property from the\n net proceeds from the sale of Flow-Through Units, (e) fund bonding\n related to future reclamation obligations, and ...

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