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To: Goose94 who wrote (94833)	9/29/2020 12:22:02 PM
From: Goose94	Read Replies (1) \| Respond to of 203382

Volcanic Gold Mines (VG-V) Upsize to Bought Deal Offering Sept 29, '20 - NR Volcanic Gold Mines Inc. has amended the terms of its previously announced offering of units of the company. Under the amended terms of the Offering (as defined below), Haywood Securities Inc., on behalf of a syndicate of underwriters including Canaccord Genuity Corp. (collectively, the " Underwriters "), have agreed to purchase, on a bought deal basis, 10,910,000 units of the Company (the " Units "), at a price of C$0.55 per Unit (the " Offering Price ") for gross proceeds to the Company of C$6,000,500 (the " Offering "). Each Unit will consist of one common share in the capital of the Company (a " Common Share ") and one half of one Common Share purchase warrant (a " Warrant "). Each whole Warrant will entitle the holder thereof to purchase one Common Share (a " Warrant Share ") at a price of C$0.70 for a period of 18 months following the Closing Date (as defined below). The Company will pay the Underwriters a cash commission of 6.0% of the gross proceeds of the Offering, subject to a reduced cash commission being payable on sales to certain members of the president's list (the " Presidents List Sales ") and will issue to the Underwriters broker warrants (the " Broker Warrants ") exercisable at any time prior to the date that is 24 months after the Closing Date at a price of C$0.55 per Broker Warrant to purchase such number of units (the " Broker Units ") as is equal to 6% (reduced in the case of President's List Sales) of the aggregate number of Units issued pursuant to the Offering, including on any proceeds realized on the exercise of the Over-Allotment Option. Each Broker Unit will be comprised of one Common Share (each, a " Broker Share ") and one-half of one Common Share purchase warrant (each whole common share purchase warrant, an " Underlying Broker Warrant "). In addition, Silvercorp Metals Inc. may exercise its right to maintain their 19.9% pro rata interest in the outstanding shares of the Company by purchasing in a concurrent private placement, Units at the Offering Price which will increase the gross proceeds to the Company. The Underwriters have been granted an option (the " Over-Allotment Option "), exercisable in whole or in part, at any time within 48 hours prior to the Closing Date (as defined herein), to purchase from the Company up to an additional 15% of the Units offered under the Offering. The Offering is expected to close on or about October 20, 2020, or such other date as may be agreed by the Underwriters and the Company (the " Closing Date "), and is subject to the Company receiving all necessary regulatory approvals, including the approval of the TSX Venture Exchange (the " TSX-V ") and applicable securities regulatory authorities. The Units and Broker Warrants will be offered by way of a short form prospectus in each of the provinces of British Columbia, Alberta, Saskatchewan and Ontario. The Company plans to use the net proceeds from the Offering for the exploration and advancement of the Company's principal assets in Guatemala and for general corporate purposes. The securities to be offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the " U.S. Securities Act ") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. About Volcanic Volcanic brings together an experienced and successful mining, exploration and capital markets team focused on building multi-million ounce gold and silver resources in underexplored countries. Through the strategic acquisition of mineral properties with demonstrated potential for hosting gold and silver resources, and by undertaking effective exploration and drill programs, Volcanic intends to become a leading gold-silver company. Simon Ridgway Founder & Director Tel: 604-375-8119 e-mail: SRidgway@Goldgroup.com