(TheNewswire)
Langley, British Columbia – July 9,2024 – TheNewswire : Viva Gold Corp.("Viva Gold" or the “Company”) (TSX Venture Exchange:VAU) is pleased to announce that it has completed the previouslyannounced non-brokered private placement (the "Offering")described in its news release of June 10, 2024. In connection with theclosing of the Offering, the Company issued an aggregate of 4,451,667units (the "Units") at a price of CDN$0.15 per Unit forgross proceeds of CDN$667,750. Each Unit consists of one common sharein the capital of the Company (a “Share”) and one-half of onenon-transferable common share purchase warrant (each whole commonshare purchase warrant, a “Warrant”). Each whole Warrant isexercisable to acquire one Share at an exercise price of CDN$0.22 perShare until July 15, 2027, which is 36 months from the date ofissuance.
“This financing will allow the company to complete anupdated resource estimate to include results from 50 holes drilled byViva from 2022 to 2024 and to complete an updated Preliminary EconomicAssessment (“PEA”) study with additional value adding technicalwork on the Tonopah Gold project located near Tonopah, Nevada,”Stated James Hesketh, President & CEO.
Insiders of the Company acquired an aggregate of1,725,000 Units in the Offering, which participation constituted a"related party transaction" as defined under MultilateralInstrument 61-101 Protection of Minority Security Holders in SpecialTransactions (“MI 61-101”). Such participation is exempt from theformal valuation and minority shareholder approval requirements of MI61-101 as neither the fair market value of the Units acquired by theinsiders, nor the consideration for the Units paid by such insiders,exceed 25% of the Company's market capitalization. As required by MI61 101, the Company advises that it expects to file a material changereport relating to the Offering less than 21 days before completion ofthe Offering, which is necessary to complete the Offering in anexpeditious manner and is reasonable in the circumstances.
Viva plans to allocate the proceeds of the Offering,net of any finder’s fees, towards completing technical andenvironmental study work at its Tonopah Gold Project (“Tonopah”),located in Nevada, and secondarily for general working capitalpurposes.
The Company will pay aggregate finder’s fees ofCDN$6,510 and 43,400 Share purchase warrants (the “Finder’sWarrants”) in connection with subscriptions from subscribersintroduced to the Offering by Ventum Financial, Haywood Securities andCanaccord Genuity Corp. Each Finder’s Warrant is exercisable toacquire one Share in the capital of the Company at an exercise priceof CDN$0.22 per Share until January 15, 2026, which is 18 months fromthe date of issuance. The Offering remains subject to final approvalof the TSX Venture Exchange. The securities issued under the Offering,and any Shares that may be issuable on exercise of any suchsecurities, will be subject to a statutory hold period expiring fourmonths and one day from the date of issuance of such securities.
About Viva Gold Corp:
The Tonopah project is a 100%-owned land position onthe prolific Walker Lane gold trend in western Nevada and is situatedabout a half hour drive south of the Round Mountain mine owned byKinross Gold . Viva has consistently grown its resources since 2018and recently completed a drill program to further define and grow thecurrent resource base. The Company plans to update the resource modeland PEA study in 2024, both of which are major catalysts and valuecreation events for shareholders.
Viva Gold is led by CEO James Hesketh, a 40-yearveteran in the mining space who has led the development andconstruction of eight other mines around the world throughout hiscareer. James has surrounded himself with equally experienced miningprofessionals both on the management team and the board.
The Tonopah Gold Project, a potential open pit, heapleach/mill opportunity, has all the hallmarks of a successful miningdevelopment project as key infrastructure is in place and is supportedby compelling economic studies.
Please reach out and get to know us as 2024 is shapingup to be a transformational year.
Viva Gold trades on the TSX Venture exchange “VAU”,on the OTCQB "VAUCF" and on the Frankfurt exchange"7PB". Viva currently has ~118.4 million shares outstandingand boasts a best-in-class management team and board with decades ofboth gold exploration and production experience. The Company isadvancing its high-grade Tonopah Gold Project in mining friendlyNevada with the support of several institutional shareholders. Moreinformation can be found on https://www.Sedar.Com and please visitour website: www.vivagoldcorp.com .
Viva is committed to developing the Tonopah GoldProject in an environmentally and socially responsible fashion. Thesevalues are aligned with management’s core values and permeatethroughout our decision-making process.
Neither the TSX Venture Exchange nor its RegulationServices Provider (as the term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy of this newsrelease.
This news release does not constitute an offer to sellor a solicitation of an offer to buy any of the securities in theUnited States. The securities have not been and will not be registeredunder the United States Securities Act of 1933, as amended (the"U.S. Securities Act"), or any state securities laws and maynot be offered or sold within the United States or to U.S. Personsunless registered under the U.S. Securities Act and applicable statesecurities laws or an exemption from such registration isavailable.
For further information please contact:
James Hesketh, President &CEO
(720) 291-1775
Graham Farrell, Harbor Access
(416) 842-9003
graham.farrell@harbor-access.com
Cautionary Statement RegardingForward-Looking Information
Certain information contained in this news releaseconstitutes “forward-looking information” or “forward-lookingstatements” (collectively, “forward- looking information”).Without limiting the foregoing, such forward-looking informationincludes statements regarding the process and completion of theOffering, the use of proceeds of the Offering and any statementsregarding the Company’s business plans, expectations and objectives.In this news release, words such as “may”, “would”,“could”, “will”, “likely”, “believe”, “expect”,“anticipate”, “intend”, “plan”, “estimate” and similarwords and the negative form thereof are used to identifyforward-looking information. Forward-looking information should not beread as guarantees of future performance or results, and will notnecessarily be accurate indications of whether, or the times at or bywhich, such future performance will be achieved. Forward-lookinginformation is based on information available at the time and/or theCompany management’s good faith belief with respect to future eventsand is subject to known or unknown risks, uncertainties, assumptionsand other unpredictable factors, many of which are beyond theCompany’s control. For additional information with respect to theseand other factors and assumptions underlying the forward-lookinginformation made in this news release, see the Company’s most recentManagement’s Discussion and Analysis and financial statements andother documents filed by the Company with the Canadian securitiescommissions and the discussion of risk factors set out therein. Suchdocuments are available at www.sedar.com under theCompany’s profile and on the Company’s website, https://vivagoldcorp.com/ . The forward-looking information set forth herein reflectsthe Company’s expectations as at the date of this news release andis subject to change after such date. The Company disclaims anyintention or obligation to update or revise any forward-lookinginformation, whether as a result of new information, future events orotherwise, other than as required by law.
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