Strategic Financing Launches Exploration at Visionary's Project
Visionary Copper and Gold Mines Inc. Secures Funding for Exploration
Visionary Copper and Gold Mines Inc. (TSXV: VCG) has unveiled a significant opportunity for growth by announcing a non-brokered private placement of up to $3 million. This funding will predominantly support a drilling campaign focused on the Pt. Leamington Project, a critical venture in Newfoundland.
Understanding the Private Placement Offering
The proposed offering includes several components aimed at maximizing funding efficiency. It is structured to consist of:
1. Hard Dollar Units
A total of up to 1,560,000 hard dollar units (the "HD Units") will be offered at a price of C$0.75 each, projected to raise gross proceeds of approximately C$1,170,000.
2. Flow-Through Units
The company is also aiming to issue up to 1,333,333 flow-through units (the "FT Units") priced at C$1.11 each, seeking to generate around $1,480,000 in gross proceeds.
3. Manitoba Flow-Through Units
Additionally, the offering includes up to 267,175 Manitoba flow-through units (the "MB FT Units") available for C$1.31 each, targeting gross proceeds of approximately C$350,000.
Structure of the Units
Each HD Unit will comprise one common share along with half of one transferable common share purchase warrant (subsequently referred to as a "Warrant"). Similarly, each FT Unit and MB FT Unit will consist of one flow-through common share paired with half of one transferable Warrant.
The Warrants will be exercisable for a period of two years from the closing date at an exercise price of C$1.10 per Warrant Share. Visionary Copper holds the authority to accelerate the expiry of these Warrants based on market performance metrics, specifically when the volume-weighted average price of its shares reaches or exceeds $1.50 for a consecutive ten-day trading period.
Allocation of Proceeds and Strategic Goals
The proceeds raised from the FT Units are earmarked for eligible Canadian exploration expenses linked to qualifying mineral expenditures for the Pt. Leamington Project, while the net proceeds from the sale of HD Units will contribute towards working capital and corporate infrastructure.
Regulatory Considerations
The closing of this offering requires acceptance from the TSX Venture Exchange, signifying a critical step before the full execution of the financing plans.
About Visionary Copper and Gold Mines Inc.
Visionary Copper and Gold Mines Inc. focuses on advancing its portfolio of base and precious metals in well-established Canadian mining territories. The enhanced prospects within the company's portfolio notably include the 100% owned Point Leamington Deposit situated within one of Canada’s most resource-rich VMS and gold districts. Recent evaluations have established a pit-constrained indicated mineral resource comprising 5.0 million tons grading 2.5 g/t AuEq for an estimated total of approximately 402,000 ounces of AuEq.
In addition to the significant resources at Point Leamington, Visionary is actively permitting its Rainbow deposit as part of the Pine Bay Project, with promising inferred mineral resources already identified. This project has attracted attention due to its proximity to existing mining infrastructure, enabling efficient operations.
Contact Information
For more information, reach out to Max Porterfield, President and CEO of Visionary Copper and Gold Mines Inc., at (604) 605-0885 or email info@visionarycoppergold.com.
Frequently Asked Questions
What is the purpose of Visionary Copper's recent financing?
The financing is aimed at funding a drilling campaign at the Pt. Leamington Project to explore further mineral resource potential.
How will investors benefit from the HD and FT Units?
Investors in HD and FT Units will receive common shares and Warrants that can potentially provide significant returns depending on market performance and mineral find success.
What is the timeframe for the Exercise of Warrants?
The Warrants are exercisable for a two-year period after the closing of the offering at a set price of C$1.10 per Warrant Share.
What eligibility criteria apply to the proceeds from FT Units?
Proceeds from FT Units are designated for Canadian exploration expenses, encompassing critical mineral mining expenditures.
What key projects is Visionary Copper focused on?
Key projects include the Pt. Leamington and Rainbow deposits, which hold substantial mineral resources within prime Canadian mining jurisdictions.
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