Visionary Copper and Gold Mines Inc. Completes Financing
Vancouver, British Columbia - Visionary Copper and Gold Mines Inc. (the “Company” or “Visionary”) (TSXV: VCG) (OTCQX: VCGMF) is thrilled to share that it has successfully closed the first tranche of its anticipated non-brokered private placement. The Company issued a total of 1,613,815 hard dollar units, referred to as the 'HD Units', priced at C$0.75 per HD Unit. This has resulted in a robust gross proceeds total of $1,210,361.
Details of the Offering
Each HD Unit is composed of one common share and one-half of a transferable common share purchase warrant, known as a 'Warrant.' Each Warrant allows the holder to purchase one additional common share for two years from the closing date at an exercise price of C$1.10 per Warrant Share. The Company maintains the option to accelerate the expiry date if the volume-weighted average share price reaches at least $1.50 for 10 consecutive trading days. In such an event, the expiry date would be adjusted to 30 days following the issuance of an acceleration notice.
Future Flow-Through Units Offering
In addition to the HD Units, the Company plans to offer flow-through units (the 'FT Units') up to a maximum of 1,333,333 units at C$1.11 each, anticipated to generate gross proceeds of $1,480,000. Additionally, there are up to 267,175 Manitoba flow-through units available at a price of C$1.31 per unit, expecting to yield $350,000 in gross proceeds. The anticipated closing of this flow-through offering is set for December 18.
Funds Allocation
From the first tranche of offerings, the Company compensated finders with a cash fee of $6,750. The proceeds from the FT Units will be specifically allocated to engage in eligible Canadian exploration expenses aligned with 'flow-through critical mineral mining expenditures' linked to the Pt. Leamington Project in Newfoundland. On the other hand, the net funds from the sale of HD Units will support the Company’s working capital and corporate necessities.
Insider Participation and Related Transactions
Notably, insiders participated in this financing, subscribing for 229,482 HD Units for a gross total of $172,111. Because this transaction involves insiders, it is classified as a related party transaction and is governed by Multilateral Instrument 61-101 – the ‘Protection of Minority Security Holders in Special Transactions.’ The Company plans to take advantage of exemptions under MI 61-101 as insider participation does not surpass 25% of the market capitalization value.
Regulatory Compliance
It’s important to note that the closing of this offering hinges on acceptance from the TSX Venture Exchange.
About Visionary Copper and Gold Mines Inc.
Visionary Copper and Gold Mines Inc. (TSXV: VCG) (OTCQX: VCGMF) is making strides in its rich portfolio of base and precious metals, all situated in well-established Canadian mining regions. The highlight of this portfolio includes the fully owned Point Leamington Deposit located in Newfoundland, acknowledged as one of the most prosperous Volcanogenic Massive Sulfide (VMS) and Gold Districts in Canada. Visionary’s noteworthy mineral resource estimates stand at 5.0 million tonnes grading an impressive 2.5 g/t AuEq, and the Company has prepared a pit constrained Inferred Mineral Resource of 13.7 million tonnes grading 2.24 g/t AuEq.
The Company further advances the Rainbow deposit within its VMS Pine Bay Project, which is strategically positioned near existing mining infrastructure in the Flin Flon Mining District. This project boasts an indicated mineral resource of 3.44 million tonnes grading 3.59% CuEq, with the potential for significant yield.
Outlook for Visionary Copper and Gold Mines
As Visionary continues its impressive trajectory, it remains committed to unlocking the mineral wealth of its properties while adhering to responsible mining practices.
Contact Information
For further details and inquiries, please reach out to:
Visionary Copper and Gold Mines Inc.
Max Porterfield, President and Chief Executive Officer
Phone: (604) 605-0885
E-mail: info@visionarycoppergold.com
Frequently Asked Questions
What is the recent financing announcement by Visionary Copper and Gold Mines?
The Company has closed the first tranche of its non-brokered private placement, raising $1,210,361 through the issuance of hard dollar units.
What are the components of the HD Units in the financing?
Each HD Unit consists of one common share and one-half of a transferable warrant exercisable for two years.
When is the closing date for the flow-through units offering?
The flow-through units offering is expected to close on December 18.
How will the raised funds be utilized?
Proceeds will be used for Canadian exploration expenses related to the Pt. Leamington Project and for working capital.
Who can be contacted for more information about the Company?
Max Porterfield, President and CEO, is available via phone at (604) 605-0885 or email at info@visionarycoppergold.com.
