Victoria Gold (VIT-V) Aug 31, '16 is pleased to announce that it has closed its previously announced short form prospectus offering, including the exercise in full of the underwriters' over-allotment option. A total of 44,275,000 common shares were issued pursuant to the offering at a price of $0.65 per share, for aggregate gross proceeds of $28,778,750. The Offering was underwritten by a syndicate of underwriters led by Raymond James Ltd. and included National Bank Financial Inc., Cormark Securities Inc., Echelon Wealth Partners Inc., Paradigm Capital Inc. and BMO Nesbitt Burns Inc.
The common shares were offered by way of a short form prospectus in each of the provinces and territories of Canada other than Quebec and in the United States pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended.
The net proceeds of the Offering are intended to be used for development expenditures at Victoria's Eagle Gold project as well as for working capital and general corporate purposes.
About Victoria
Victoria Gold's 100%-owned Dublin Gulch gold property is situated in the central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers from the town of Mayo. The Property is accessible by road year-round, and is located within Yukon Energy's electrical grid. The Company has constructed and maintains a 100 person all-season camp at the project site.
The Property covers an area of approximately 555 square kilometers, and is the site of the Company's Eagle Gold Deposit. The Eagle Gold Deposit is expected to be Yukon's next operating gold mine and includes Probable Reserves of 2.3 million ounces of gold from 92 million tonnes of ore with a grade of 0.78 grams of gold per tonne, as outlined in a National Instrument 43-101 feasibility study.
Victoria Gold Corp.
John McConnell
President & Chief Executive Officer
416-866-8801
416-866-8800
vitgoldcorp.com |
