Business
Volcanic Proposes Share Consolidation and $375,000 Private Placement
(via TheNewswire) March 8, 2019 / TheNewswire / Vancouver, British Columbia - V...
About this update from Volcanic Gold Mines Inc.
[{"type":"text","content":"Volcanic Proposes Share Consolidation and $375,000 Private Placement(via TheNewswire)\n \n \nMarch 8, 2019 / TheNewswire / Vancouver, British Columbia - Volcanic Gold Mines Inc. (TSXV: VG) announces that management has determined that it is in the best interests of the Company and its shareholders to consolidate the issued common shares of the Company on the basis of one new share for every seven existing shares and thereafter complete a non-brokered private placement financing to raise proceeds of up to $375,000. These transactions are intended to put the Company in a position to attract new business opportunities.\n\n \n \nThe private placement will consist of, on a post-consolidation basis, up to 1,500,000 units at $0.25 per unit. Each unit will consist of one post-consolidation common share and one warrant entitling the holder to purchase one additional post-consolidation common share of the Company at $0.35 for one year from closing. The proceeds of the placement are intended to be used for general working capital purposes, including funding management's search for prospective projects for the Company.\n\n \n \nThe completion of the share consolidation and private placement is subject to stock exchange approval. The name of the Company will remain unchanged. The Company's current issued capital is 45,886,538 common shares. Upon completion of the previously announced debt settlement (see Volcanic news release March 4, 2019), the share consolidation and the private placement, the Company's issued capital would become an estimated 8,618,420 common shares.\n\n \n \nAbout Volcanic\n\n \n \nVolcanic brings together an experienced and successful mining, exploration and capital markets team focused on building multi-million ounce gold resources in underexplored countries. Through the strategic acquisition of mineral properties with demonstrated potential for hosting gold resources, and by undertaking effective exploration and drill programs, Volcanic intends to become a leading gold company.\n\n \n \nFor further information, visit our website at www.volgold.com.\n\n \n \nVolcanic Gold Mines Inc.\n\n\n \nSimon Ridgway, Executive Chairman\n\n \n \nNeither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.\n\n \n \nForward-looking ...