ROUYN-NORANDA, QC, March 25, 2021 /CNW/ - Claude Veillette (the "Acquiror") announced
today an update in respect of its ownership of common shares
("Common Shares") of Visible Gold Mines Inc. (the "Corporation").
As a result of a prior equity issuance by the Corporation in which
the Acquiror did not participate (the "Company Issuance"), the
Acquiror's ownership interest in the Corporation was diluted below
10% of the then issued and outstanding Common Shares. On
March 25, 2021, the Acquiror bought
10,000 Common Shares through the facilities of the TSX Venture
Exchange at a price of $0,155 per
Common Share, for gross proceeds of $1,550 (the "Transaction"). The Transaction was
the Acquiror's first acquisition or disposition of securities of
the Corporation since the Company Issuance.
Immediately prior to the Transaction, the Acquiror held directly
or indirectly, (i) 2,887,500 common shares of the Corporation,
representing 8.54% of the issued and outstanding common shares of
the Corporation, and (ii) Warrants entitling the Acquiror to
purchase up to 300,000 common shares of the Corporation, and (iii)
Options entitling the Acquiror to purchase up to 125,000 common
shares of the Corporation. Assuming the exercise of all
Warrants and Options held by the Acquiror, before the closing of
the Transaction, the Acquiror would own 3,312,500 common shares,
representing 9.67% of the Corporation's common shares that would
then be issued and outstanding.
Immediately following the closing of the Transaction, the
Acquiror holds, directly or indirectly, (i) 2,897,500 common
shares of the Corporation, representing 8.57% of the issued and
outstanding common shares of the Corporation, and (ii) Warrants
entitling the Acquiror to purchase up to 300,000 common shares
of the Corporation, and (iii) Options entitling the
Acquiror to purchase up to 125,000 common shares of the
Corporation. Assuming the exercise of all Warrants and
Options held by the Acquiror, following the closing of the
Transaction, the Acquiror would own 3,322,500 common shares,
representing 9.7% of the Corporation's common shares that would
then be issued and outstanding.
In accordance with applicable securities laws, the Acquiror may,
from time to time and at any time, acquire additional Common Shares
and/or other equity, debt or other securities or instruments of the
Corporation (collectively, "Securities") in the open market
or otherwise, and it reserves the right to dispose of any or all of
its Securities in the open market or otherwise at any time and from
time to time, and to engage in similar transactions with respect to
the Securities, the whole depending on market conditions, the
business and prospects of the Corporation and other relevant
factors.
A copy of the early warning report filed by the Acquiror in
connection with the disposition described above is available on
SEDAR under the Corporation's profile. This press release is
issued under the early warning provisions of Canadian securities
legislation.
SOURCE Visible Gold Mines Inc.