QUÉBEC, CANADA--(Marketwired - July 20, 2016) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
SOCIÉTÉ D'EXPLORATION MINIÈRE VIOR INC. (TSX VENTURE:VIO)(FRANKFURT:VL5) (the "Company" or "Vior") - is pleased to announce the closing of a private placement totaling 7,400,000 units (the "Units") at a price of $0.10 per Unit, for total proceeds of $740,000 (the "Offering").
Each Unit consists of one (1) common share of the Company (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire one (1) common share of the Company at a price of $0.15 per share for a period of twelve (12) months ending July 20, 2017.
In connection with the Offering, the Company paid finders' fees totaling $38,400 and issued, as additional remuneration, 300,000 non-transferable warrants entitling the holder to acquire the same number of common shares of the Company at a price of $0.15 per common share for a period of twelve (12) months ending July 20, 2017.
The securities issued in connection with the Offering are subject to a four (4) month hold period ending November 21, 2016. The proceeds of this Offering will be used by the Company for the purposes of working capital.
Certain insiders of the Company participated in the Offering and subscribed for an aggregate of 750,000 Units representing an aggregate amount of $75,000. Participation of insiders of the Company in the Offering constitutes a "related party transaction" as defined under Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions ("Regulation 61-101"). The Offering is exempt from the formal valuation and minority shareholder approval requirements of Regulation 61-101 as neither the fair market value of securities being issued to insiders nor the consideration being paid by insiders exceeds 25% of the Company's market capitalization. The Company did not file a material change report 21 days prior to the closing of the Offering as the details of the participation of insiders of the Company had not been confirmed at that time.
Vior's strategy is to generate, explore and develop quality projects in the best proven and accessible mining areas. Through the years, Vior's management and technical team has demonstrated its ability to discover numerous gold deposits and mineral prospects.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.