ROUYN-NORANDA, QC, May 7, 2020 /CNW Telbec/
- Claude Veillette
(the "Acquiror") announces that he has indirectly acquired a
total of 2,175,200 common shares of Visible Gold Mines Inc.
(the "Corporation") in a share for debt transaction with the
Corporation at a deemed price per share of $0.05 (the "Transaction").
Immediately prior to the Transaction, the Acquiror held
1,630,550 common shares and warrants (the "Warrants")
entitling the Acquiror to purchase 747,500 common shares of the
Corporation. Assuming the exercise of all Warrants held by the
Acquiror before the Transaction, the Acquiror would have held
2,378,050 common shares of the Corporation, representing
approximately 10.69% of the issued and outstanding common shares of
the Corporation.
Immediately following the closing of the Transaction, the
Acquiror holds, directly or indirectly, (i) 3,805,750 common
shares of the Corporation, representing 14.74% of the issued and
outstanding common shares of the Corporation, and
(ii) Warrants entitling the Acquiror to purchase up to 747,500
common shares of the Corporation. Assuming the exercise of all
Warrants held by the Acquiror, following the closing of the
Transaction the Acquiror would own 4,553,250 common shares,
representing 17.17% of the Corporation's common shares that would
then be issued and outstanding.
The Transaction is a private transaction that did not take place
on any market or exchange.
The Acquiror acquired the shares and Warrants described in this
press release for investment purposes and in accordance with
applicable securities laws, the Acquiror may, from time to time and
at any time, acquire additional shares and/or other equity, debt or
other securities or instruments (collectively, "Securities") of the
Corporation in the open market or otherwise, and he reserves the
right to dispose of any or all of his Securities in the open market
or otherwise at any time and from time to time, and to engage in
similar transactions with respect to the Securities, the whole
depending on market conditions, the business and prospects of the
Corporation and other relevant factors.
The shares described in this press release were acquired by
7753004 Canada Inc., a company controlled by Claude Veillette.
A copy of the early warning report to be filed by the Acquiror
in connection with the Transactions described above will be
available on SEDAR under the Corporation's profile. This news
release is issued under the early warning provisions of the
Canadian securities legislation.
SOURCE Visible Gold Mines Inc.