Visionary Copper announces $3 million private placement for exploration

Visionary Copper and Gold Mines Inc. (TSXV: VCG) (OTCQX: VCGMF) announced a non-brokered private placement offering of up to $3.0 million to fund a drilling campaign at its Point Leamington Project in Newfoundland.

The offering consists of three components: up to 1,560,000 hard dollar units at C$0.75 per unit for gross proceeds of up to C$1,170,000; up to 1,333,333 flow-through units at C$1.11 per unit for gross proceeds of up to $1,480,000; and up to 267,175 Manitoba flow-through units at C$1.31 per unit for gross proceeds of up to $350,000.

Each hard dollar unit includes one common share and one-half of one transferable warrant. Each flow-through unit includes one flow-through common share and one-half of one transferable warrant issued on a non-flow-through basis. The warrants are exercisable at C$1.10 per share for two years from closing.

The company retains the right to accelerate the warrant expiry date if the volume weighted average price of common shares equals or exceeds $1.50 for 10 consecutive trading days. Upon acceleration, the expiry date would be moved to 30 days after the company issues an acceleration notice.

Proceeds from the flow-through units will fund eligible Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures at the Point Leamington Project. These expenditures will be renounced in favor of subscribers effective December 31, 2025. Net proceeds from hard dollar units will be used for working capital and general corporate purposes.

The offering is subject to acceptance by the TSX Venture Exchange. The company stated the securities have not been registered under U.S. securities laws and may not be offered or sold within the United States without registration or an applicable exemption.

You May Also Be Interested In