NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES
ROUYN-NORANDA, QC,
Dec. 21, 2015 /CNW Telbec/ - Visible Gold Mines Inc.
(TSXV: VGD) (Frankfurt: 3V4)
is pleased to announce that it has held a second closing of a
private placement by issuing 9,090,909 "flow-through" units at a
price of $0.055 per unit, for gross
proceeds to Visible Gold Mines of $500,000. Each of the units is comprised of
one "flow-through" common share and one-half of a common share
purchase warrant. Each full warrant will entitle the holder
to acquire one additional common share of Visible Gold Mines at a
price of $0.10 until June 18,
2017.
As a result of the second closing, Visible Gold Mines raised
total proceeds of $813,088 in the
private placement. Additional closings of the private
placement may be held until December 31,
2015, subject to a maximum of 27,272,727 "flow-through"
units, for total maximum gross proceeds of approximately
$1.5 million.
Visible Gold Mines will use the proceeds from the second closing
of the private placement for exploration on certain of its
properties in Québec.
In connection with the private placement, Visible Gold Mines
paid finder's fee to Secutor Capital Management Corp and Marquest
Capital Markets in the aggregate amount of $40,000, representing 8% of the gross proceeds
raised in the second closing of the private placement and issued to
Secutor Capital Management Corp and Marquest Capital Markets an
aggregate of 727,272 broker warrants in connection with the sale of
the "flow-through" units. Each broker warrant entitles the
holder to acquire one common share of Visible Gold Mines at a price
of $0.10 until June 19,
2017.
As a result of the second closing of the private placement,
there are 109,510,087 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 April 19,
2016.
About Visible Gold Mines
Visible Gold Mines Inc. is a dynamic company aggressively
searching for the next important gold deposit in northwestern
Québec, an area consistently ranked as one of the world's best
jurisdictions for mining and exploration.
Forward-Looking Statements
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of Visible Gold Mines, or the
assumptions underlying any of the foregoing. In this news release,
words such as "may", "would", "could", "will", "likely", "believe",
"expect", "anticipate", "intend", "plan", "estimate" and similar
words and the negative form thereof are used to identify
forward-looking statements. Forward-looking statements should not
be read as guarantees of future performance or results, and will
not necessarily be accurate indications of whether, or the times at
or by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including the development of
the 167 Project, or if any of them do so, what benefits Visible
Gold Mines will derive. Forward-looking information are based
on information available at the time and/or management's good-faith
belief with respect to future events and are subject to known or
unknown risks, uncertainties, assumptions and other unpredictable
factors, many of which are beyond Visible Gold Mines' control.
These risks, uncertainties and assumptions include, but are not
limited to, those described under "Financial Risk Management
Objectives and Policies, and Financial Risks" in Visible Gold
Mines' Annual Report for the fiscal year ended on
July 31, 2015, a copy of which is available on SEDAR at
www.sedar.com, and could cause actual events or results to differ
materially from those projected in any forward-looking statements.
Visible Gold Mines does not intend, nor does Visible Gold Mines
undertake any obligation, to update or revise any forward-looking
information contained in this news release to reflect subsequent
information, events or circumstances or otherwise, except if
required by applicable laws.
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.