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ROUYN-NORANDA, QC,
April 5, 2017 /CNW
Telbec/ - Visible Gold Mines Inc. (TSXV: VGD) (Frankfurt: 3V4) announces that it
has received conditional approval from the TSX Venture Exchange to
consolidate its issued and outstanding common shares on the basis
of one share for every ten shares issued and outstanding. The
consolidation of Visible Gold Mines' common shares was approved by
Visible Gold Mines' shareholders at an annual and special meeting
of shareholders held on February 1, 2017 (the "Meeting").
The Board of Directors believes that the proposed share
consolidation will better position Visible Gold Mines to raise
equity financing in light of the continuing difficult market
conditions that exist for junior resource issuers.
Visible Gold Mines will announce the effective date of the share
consolidation in a subsequent press release. Visible Gold
Mines' common shares will continue to trade under the symbol "VGD"
and Visible Gold Mines' name will not change. After the share
consolidation, Visible Gold Mines will have 12,588,909 issued and
outstanding common shares, compared to 125,889,087 shares currently
outstanding. No fractional shares will be issued and all
fractional shares resulting from the consolidation will be rounded
down to the nearest whole number.
Visible Gold Mines will mail a letter of transmittal to its
registered shareholders, who will be required to exchange their
current share certificates for new share
certificates. Shareholders who hold their shares through a
securities broker or dealer, bank or trust company will not be
required to take any measures.
The share consolidation is subject to final approval from the
TSX Venture Exchange.
In other news, Visible Gold Mines also announces that at the
Meeting its shareholders have approved resolutions ratifying and
confirming Visible Gold Mines' stock option plan and appointing
Raymond Chabot Grant Thornton LLP, Chartered Professional
Accountants, as the auditors of Visible Gold Mines.
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.