/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
ROUYN-NORANDA, QC, March 26, 2019 /CNW Telbec/ - Visible
Gold Mines Inc. (TSXV: VGD) (Frankfurt: 3V41) is pleased to
announce that it has completed a private placement by issuing
3,500,000 units at a price of $0.08
per unit, for gross proceeds to Visible Gold Mines of $280,000. Each of the units is comprised of one
common share and one common share purchase warrant of Visible Gold
Mines. Each warrant entitles its holder to acquire one additional
common share of Visible Gold Mines at a price of $0.15 until March 26, 2021.
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.
One director and officer of Visible Gold Mines (the "Insider")
purchased 500,000 units for a total consideration of $40,000. The issuance of units to the Insider
constitutes a related party transaction but is exempt from the
formal valuation and minority approval requirements of Multilateral
Instrument 61-101 - Protection of Minority Security Holders in
Special Transactions ("MI 61-101") as Visible Gold Mines'
securities are not listed on any stock exchange identified in
Section 5.5(b) of MI 61-101 and neither the fair market value of
the units issued to the Insider, nor the fair market value of the
entire private placement, exceeds 25% of Visible Gold Mines' market
capitalization. Visible Gold Mines did not file a material change
report with respect to the participation of the Insider at least 21
days prior to the closing of the private placement as the insider
participation was not determined at that time.
As a result of the private placement, there are 21,089,339
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 July 27, 2019.
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.
Website: www.visiblegoldmines.com
SOURCE Visible Gold Mines Inc.