Visionary Copper and Gold Mines Secures Funding for Growth
Exciting Developments at Visionary Copper and Gold Mines Inc.
VANCOUVER, British Columbia — Visionary Copper and Gold Mines Inc. (the "Company" or "Visionary") (TSXV: VCG) (OTCQX: VCGMF) is thrilled to share news about its latest initiative, a non-brokered private placement expected to raise up to $3.0 million. The funds generated will significantly contribute to the drilling campaign at the Company’s wholly-owned Pt. Leamington Project in Newfoundland.
Component Breakdown of the Offering
The Offering structure features several components aimed at attracting a diverse investor base. Specifically, it includes up to 1,560,000 hard dollar units (referred to as "HD Units") priced at C$0.75 each, which could yield up to C$1,170,000. Additionally, the Offering allows for up to 1,333,333 flow-through units ("FT Units") at C$1.11 each, generating gross proceeds of up to $1,480,000, alongside 267,175 Manitoba flow-through units ("MB FT Units") priced at C$1.31 each, contributing as much as $350,000 to the overall goal.
Warrants and Share Components
Each HD Unit includes one common share and half of a transferable common share purchase warrant (a "Warrant"). Meanwhile, the FT and MB FT Units offer one flow-through common share as well as half of a Warrant. Each Warrant grants the holder the option to purchase one additional common share at an exercise price of C$1.10 for up to two years following the closing event. Should the market performance of the Company's shares meet specific criteria, the company retains the right to expedite the Warrant expiry process.
Utilization of Proceeds
The capital raised through FT Units is earmarked for incurring eligible "Canadian exploration expenses" that will qualify under the Income Tax Act, tied specifically to the Pt. Leamington Project in Newfoundland. This strategic move allows the Company to enhance the project while providing tax benefits to the investors. The funds from the sale of HD Units, on the other hand, are set for use as working capital and for general corporate needs.
Market Acceptance and Transparency
It’s essential to note that the closing of this Offering is contingent upon the acceptance by the TSX Venture Exchange. By adhering to strict regulatory compliance, Visionary Copper and Gold Mines Inc. assures transparency in its business dealings and investor communications.
Company Overview and Future Prospects
Visionary Copper and Gold Mines Inc. is dedicated to advancing a portfolio of mining assets rich in both base and precious metals, situated in well-established mining regions across Canada. The Company's flagship project, the 100% owned Pt. Leamington deposit, is located within one of Canada's most prolific volcanic-hosted massive sulfide (VMS) and gold districts.
Resource Assessments and Project Developments
The Company boasts a robust mineral resource, with an Indicated Mineral Resource estimated at 5.0 million tonnes grading 2.5 g/t AuEq, equating to approximately 402,000 ounces of gold equivalent. Additionally, another Inferred Mineral Resource of 13.7 million tonnes with an AuEq grade of 2.24 g/t further supports the potential of this project. Beyond the Pt. Leamington site, the Company is engaged with other promising projects, including the Rainbow deposit and the Nash Creek Project, aiming to bolster its resource base and create substantial shareholder value.
Contacting Visionary Copper and Gold Mines Inc.
Should you have any inquiries or require additional information, please reach out to the Company directly:
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 purpose of the private placement financing by Visionary?
The private placement financing aims to fund exploration initiatives at the Pt. Leamington Project, enhancing the Company's growth potential.
How much capital is Visionary aiming to raise?
Visionary Copper and Gold Mines Inc. is targeting up to $3.0 million through this financing round.
What types of units are offered in the financing?
The Offering includes hard dollar units, flow-through units, and Manitoba flow-through units.
Where are Visionary's mining projects located?
The Company’s projects are primarily located in established mining jurisdictions across Canada, including Newfoundland and New Brunswick.
Who can I contact for more information about the Company?
You can reach Max Porterfield, the President and CEO, at (604) 605-0885 or via email at info@visionarycoppergold.com.
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