ROUYN-NORANDA, QC, Sept. 8, 2020 /CNW Telbec/ - Visible Gold
Mines Inc. (TSXV: VGD) (Frankfurt:
3V41) is pleased to announce that it completed a private
placement by issuing 4,000,000 units (the "Units") at a price of
$0.15 per Unit, for gross proceeds to
Visible Gold Mines of $600,000. Each
Unit is comprised of one common share and one common share purchase
warrant (a "Warrant"). Each Warrant entitles the holder to acquire
one additional common share of Visible Gold Mines at a price of
$0.25 until September 4, 2022.
Visible Gold Mines will use the proceeds from this private
placement for exploration on certain of its properties in Québec
and for working capital purposes.
In connection with the private placement, Visible Gold Mines
paid a cash commission in an amount of $47,825 and granted 318,832 non-transferable
broker warrants to First Republic Capital Corporation ("First
Republic"), who acted as sole finder in connection with the private
placement. Each broker warrant entitles First Republic to acquire
one broker unit of Visible Gold Mines at a price of $0.15 per unit until September 4, 2022. Each of the broker units will
be comprised of one common share and one common share purchase
warrant of Visible Gold Mines (the "Broker Unit Warrants"). Each
Broker Unit Warrant will entitle the holder to acquire one
additional common share of Visible Gold Mines at a price of
$0.25 until September 4, 2022.
As a result of the private placement, there are 30,464,539
common shares of Visible Gold Mines issued and outstanding on a
non-diluted basis. Under applicable securities legislation and the
policies of the TSX Venture Exchange, the securities issued in the
private placement are subject to a four-month hold period, expiring
on January 5, 2021.
About Visible Gold Mines
Visible Gold Mines is a vibrant company actively exploring for
the next major gold deposit in northwestern Québec, considered one
of the world's best jurisdictions for mining and exploration.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of the release.
SOURCE Visible Gold Mines Inc.