/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
ROUYN-NORANDA, QC, March 31,
2023 /CNW/ - Visible Gold Mines Inc.
(TSXV: VGD) (FRANKFURT: 3V41)
("Visible Gold Mines" or the "Corporation") is pleased to announce
that it is arranging a small private placement of $150,000 of units (the "Units"), at a price of
$0.12 per Unit with two subscribers.
Martin Dallaire, the Chief Executive
Officer of the Corporation, will subscribe for 50% of the private
placement.
Each Unit will be comprised of one common share (the "Common
Share") in the capital of the Corporation and one (1) common share
purchase warrant (the "Warrant") of the Corporation. Each Warrant
will entitle the holder thereof to acquire one additional Common
Share at a price of $0,17 for a
period of twenty-four (24) months from the closing date (the
"Closing Date") of the private placement.
The net proceeds from the issuance of the Units will be used for
general and administrative purposes and for exploring the
Corporation's mining properties located in the province of
Québec.
The participation of the Chief Executive Officer of the
Corporation, who is related party as defined in Policy 5.9 of the
TSX Venture Exchange and Multilateral Instrument 61-101 –
Protection of Minority Security Holders in Special
Transactions ("MI 61-101"), in the private placement, would be
considered a related party transaction, however the Corporation
expects that such transaction would be exempt from the formal
valuation requirement and shareholder approval requirement of
MI 61-101 as the fair market value of any Units issued to such
persons will not exceed 25% of the Corporation's market
capitalization.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities of the
Corporation in the United States.
The securities of the Corporation have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the
United States or to U.S. Persons unless registered under the
U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
About Visible Gold Mines Inc.
Visible Gold Mines is a corporation focused on gold in the
prolific Abitibi Gold Belt and the
James Bay region in the province
of Quebec. Visible Gold Mines has
33,827,039 common shares outstanding.
Forward-Looking Statements
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of Visible Gold Mines, or the
assumptions underlying any of the foregoing. In this news release,
words such as "may", "would", "could", "will", "likely", "believe",
"expect", "anticipate", "intend", "plan", "estimate" and similar
words and the negative form thereof are used to identify
forward-looking statements. Forward-looking statements should not
be read as guarantees of future performance or results, and will
not necessarily be accurate indications of whether, or the times at
or by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur,. Forward-looking information
is based on information available at the time and/or management's
good-faith belief with respect to future events and are subject to
known or unknown risks, uncertainties, assumptions and other
unpredictable factors, many of which are beyond Visible Gold Mines'
control. These risks, uncertainties and assumptions include, but
are not limited to, those described under "Financial Risks" and
"Risk Factors" in Visible Gold Mines' Annual Report for the fiscal
year ended July 31, 2022, a copy of
which is available on SEDAR at www.sedar.com, and could cause
actual events or results to differ materially from those projected
in any forward-looking statements. Visible Gold Mines does not
intend, nor does Visible Gold Mines undertake any obligation, to
update or revise any forward-looking information contained in this
news release to reflect subsequent information, events or
circumstances or otherwise, except if required by applicable
laws.
Neither 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.
SOURCE Visible Gold Mines Inc.