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, Aug. 8, 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 will be comprised of one common share of the Company (a \"Unit Share\") and one half of one common share purchase warrant (each whole\n warrant, a \"Warrant\"). Each Flow-Through Unit will be comprised of one common share of the\n Company, which qualifies as a \"flow-through share\" within the meaning\n of the Income Tax Act (Canada) (the \"Flow-Through Shares\") and one half of one Warrant. Each whole Warrant shall entitle the\n holder thereof to acquire one common share of the Company (a \"Warrant Share\"), at an exercise price and exercise period to be determined in the\n context of the market. The pricing and number of Units and Flow-Through\n Units will be determined in the context of the Market.\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, such\n syndicate to include Global Hunter Securities LLC (collectively, the \"Agents\"). Global Hunter Securities LLC will offer\n the Units only in the United States.  The Company expects to close the\n Offering by August 15, 2013.\n\n\nThe Company intends to use the net proceeds of the Offering to complete\n the upgrade and refurbishment at its Jerritt Canyon mill operations,\n complete the development of the underground mine facilities at the\n Saval 4 property, fund the remaining bonding related to future\n reclamation obligations and for general working capital. Flow-Through\n proceeds will be used to further fund exploration activities at the\n Company's Ketza River property as it advances through the permitting\n phase.\n\n\nThe Company will apply to list the Unit Shares, the Flow-Through Shares\n and the Warrant Shares issuable on exercise of the Warrants on the\n Toronto Stock Exchange (the \"TSX\"). Listing will be subject to satisfying all of the requirements of the\n TSX. As this Offering is sub...

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