ROUYN-NORANDA, QC,
March 27, 2019 /CNW Telbec/ - Claude Veillette
(the "Acquiror") announces that he has indirectly acquired a
total of 2,098,050 common shares and 447,500 common share purchase
warrants of the Visible Gold Mines Inc. (the "Corporation") in
a private placement and a share for debt transaction with the
Corporation.
Specifically, the Acquiror acquired on March 26, 2019
the following securities of the Corporation : (i) in a
private placement transaction, 447,500 common shares of the
Corporation at a price of $0.08 per
share and 447,500 common share purchase warrants (the "Warrants");
and (ii) in a share for debt transaction, 1,650,550 common
shares of the Corporation at a deemed price of $0.065 per share (collectively, the
"Transactions"). Each Warrant entitles the Acquiror to acquire one
additional common share of the Corporation at a price of
$0.15 until March 26, 2021.
Immediately prior to the Transactions, the Acquiror did not
beneficially own or have control or direction, directly or
indirectly, over any securities of the
Corporation. Immediately following the closing of the
Transactions, the Acquiror holds, directly or indirectly,
(i) 2,098,050 common shares of the Corporation, representing
9.95% of the issued and outstanding common shares of the
Corporation, and (ii) Warrants entitling the Acquiror to
purchase up to 447,500 common shares of the
Corporation. Assuming the exercise of all Warrants held by the
Acquiror, following the closing of the Transactions the Acquiror
would own 2,545,550 common shares, representing 11.82% of the
Corporation's common shares that would then be issued and
outstanding.
The Transactions are a private transactions 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 and Warrants described in this press release were
acquired by 7753004 Canada Inc. (1,650,550 common shares) and
Gestion Claude Veillette Ltd. (447,500 common shares and 447,500
Warrants), two companies 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.