Vangold Mining Corp. (“Vangold”) (TSX-V: VAN)(OTC-VGLDF) is pleased to announce that it has successfully closed a first tranche of its private placement financing previously announced on October 30, 2017 by issuing 7,744,000 units (“Units”) for gross proceeds of $542,080. Each Unit consists of one common share of Vangold (each, a “Share”) and one non-transferable share purchase warrant (each, a “Warrant”), with each Warrant entitling the holder to purchase one additional Share at a price of $0.25 per Share for a period of four years following the date of issuance.
In connection with the proceeds raised under the private placement financing, Vangold paid finders cash commissions totaling $28,420, and 406,000 brokers warrants, with each Warrant entitling the holder to purchase one additional Share at a price of $0.25 per Share for a period of four years following the date of issuance.
The securities issued under the financing will be subject to a hold period expiring on March 10, 2018 pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange.
Vangold intends to use the proceeds to fund additional assay programs on the over-ground and under-ground stockpiles and infrastructure development on its Pinguico mine project, and for general working capital covering operations in Guanajuato, Mexico and Vancouver, BC.
ON BEHALF OF THE BOARD OF DIRECTORS
“Cameron S. King”
President, CEO and Director
For further information contact:
Further information is available on Vangold's web site at: www.vangoldmining.com.
Cautionary Statement Regarding Forward Looking Information
This News Release may contain, in addition to historical information, forward-looking statements. These forward-looking statements are identified by their use of terms and phases such as “believe,” “expect,” “plan,” “anticipate” and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from Vangold's expectations, and expressly does not undertake any duty to update forward-looking statements. These factors include, but are not limited to the following, limited operating history, proposed exploration and/or drill programs and other factors which may cause the actual results, performance or achievements of Vangold to be materially different from any future results, performance or achievements expressed or implied by such forward- looking statements.
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