/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
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ROUYN-NORANDA, QC, Dec. 30, 2015 /CNW Telbec/ - Visible Gold
Mines Inc. (TSXV: VGD) (Frankfurt:
3V4) is pleased to announce that it has held a third and final
closing of its previously-announced private placement by issuing an
aggregate of 5,350,000 "flow-through" units at a price of
$0.055 per unit, for gross proceeds
to Visible Gold Mines of $294,250.
Each of the units is comprised of one "flow-through" common share
and one-half of a common share purchase warrant. Each whole warrant
will entitle the holder to acquire one additional common share of
Visible Gold Mines at a price of $0.10 until June 30,
2017.
As a result of the third closing, Visible Gold Mines raised
total proceeds of $1,107,338 in the
private placement.
Visible Gold Mines will use the proceeds from the third 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 fees to registered dealers in the aggregate amount of
$23,540, representing 8% of the gross
proceeds raised in the third closing of the private placement and
issued to such registered dealers an aggregate of 428,000
non-transferable 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 30, 2017.
As a result of the third closing of the private placement, there
are 114,860,087 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 May 1,
2016.
Drilling update
In other news, Visible Gold Mines is pleased to report that its
previously-announced five hole drilling program totalling 966
metres on the North Block of its 167 Project was completed on
December 18, 2015. As of today, the
core from five drill holes have been delivered to Visible Gold
Mines' core shack. Hole No. 167-15-24 and 167-15-23 have been
logged and split and was sent to the laboratory on Friday December 23, 2015 for analysis and Hole
No. 167-15-21 is currently being logged. The drill program targeted
electromagnetic anomalies as well as anomalies generated from the
induced polarization survey performed during a previous exploration
campaign. The two foregoing drill holes contain mineralization of
pyrrhotite, pyrite and chalcopyrite explaining the anomalies.
Results from the laboratory are anticipated to be received
throughout the month of January.
Qualified persons
Martin Dallaire, P.Eng, president
and chief executive officer of Visible Gold Mines, is the qualified
person on the 167 extension exploration project information
presented in this press release under National Instrument 43-101
Standards of Disclosure for Mineral Projects. Mr. Dallaire
is responsible for the technical contents of this press release and
has approved the disclosure of the technical information contained
herein. The data verification was conducted by Jeannot Theberge, P.Geo, under the supervision
of Mr. Dallaire, P.Eng.
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.
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.