Business
Veris Gold Corp. provides update on private placement
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRUBITION TO U.S. NEWSWIRE SERVICE...
About this update from Volcanic Gold Mines Inc.
[{"type":"text","content":"\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRUBITION TO U.S.\n NEWSWIRE SERVICES./ \n\n\nToronto Stock Exchange: VG\n\n\nVANCOUVER, Sept. 6, 2013 /CNW/ - Veris Gold Corp. (\"Veris\" or the \"Company\") (TSX: VG) (OTCQB: YNGFF) (Frankfurt Xetra Exchange: NG6A) is pleased to provide an update on its previously announced private\n placement (the \"Offering\").  The Company proposes to issue up to 15,000,000 units (each, a \"Unit\") at a price of $0.52 per Unit for aggregate proceeds to the Company of\n $7,800,000.  Each Unit will consist of one common share in the capital\n of the Company (each, a \"Common Share\") and one-half of one warrant to purchase one common share (each whole\n warrant, a \"Warrant\").  Each Warrant will have a term of 36 months and an exercise price of\n $0.60.  The terms of the Warrants will include customary adjustment\n provisions upon certain dilutive issuances.  The volume weighted\n average trading price of the Company's Common Shares for the five\n trading days ended August 29, 2013, the day prior to the announcement\n of the Offering, was $0.53 and the Offering Price is at approximately a\n 2% discount to such price.\n\n\nSecutor Capital Management Corporation (the \"Agent\") will act as agent for the proposed Offering. The Agent will be\n entitled to compensation in the following form: (a) a cash fee equal to\n 2.5% of the aggregate cash proceeds received from the Offering; (b)\n Units equal to 2.5% of the total number of Units sold in the Offering;\n and (c) common share purchase warrants equal to 4.5% of the total\n number of Units issued pursuant to the Offering (the \"Agent Warrants\"). The Agent Warrants will have a term of 36 months and an exercise\n price of $0.65.\n\n\nThe terms of the Offering are the result of negotiations with the Agent,\n the Company and potential subscribers.  Sprott Asset Management LP, on\n behalf of its funds and managed accounts, and an associate are\n acquiring an aggregate of 15,000,000 Units in the Offering and acquired\n an aggregate of 4,731,000 units (consisting of one Common Share and\n one-half of a Common Share purchase warrant) in the First Financing\n (described below) thus increasing their aggregate ownership from\n 13,384,103 Common Shares (assuming full exercise of any convertible\n securities), as of the...