/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
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ROUYN-NORANDA, QC,
June 17, 2016 /CNW Telbec/ - Visible Gold Mines Inc.
(TSXV: VGD) (Frankfurt: 3V4)
is pleased to announce that it has closed a private placement by
issuing 11,029,000 "flow-through" units at a price of $0.05 per unit, for gross proceeds to Visible
Gold Mines of $551,450. 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 17, 2019.
Visible Gold Mines will use the proceeds from the private
placement for exploration on certain of its properties in
Québec.
In connection with the private placement, Visible Gold Mines
paid a finder's fee to Secutor Capital Management Corp in the
amount of $44,116, representing 8% of
the gross proceeds raised in the private placement and issued to
Secutor Capital Management Corp and Marquest Capital Markets an
aggregate of 882,320 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 17,
2019.
As a result of the private placement, there are 125,889,087
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 October 18, 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.
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.