Visionary Copper closes $3 million private placement financing

Visionary Copper and Gold Mines Inc. (TSXV: VCG) (OTCQX: VCGMF) completed the final tranche of its non-brokered private placement, raising $1.83 million through the issuance of flow-through units, according to a company statement.

The Vancouver-based mining company issued 1,333,334 charity flow-through units at $1.11 per unit for gross proceeds of $1.48 million and 267,176 Manitoba charity flow-through units at $1.31 per unit for gross proceeds of $350,001. Combined with the first tranche, the private placement raised a total of $3.04 million.

Each unit consists of one flow-through common share and one-half of one transferable warrant. The warrants are exercisable at $1.10 per share for two years from closing. The company retains the right to accelerate the expiry date if its shares trade at or above $1.50 for 10 consecutive trading days.

The securities are subject to a four-month hold period from the date of issue. The company paid a finder's fee of $6,750 under the first tranche but no finder's fee for the second tranche.

Proceeds from the flow-through units will fund eligible Canadian exploration expenses qualifying as flow-through critical mineral mining expenditures at the Pt. Leamington Project in Newfoundland. The qualifying expenditures will be renounced to subscribers effective December 31, 2025.

Separately, Visionary agreed to settle $584,532 in debt with arm's length creditors by issuing 446,043 common shares. The debt settlement requires approval from the TSX Venture Exchange.

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