Pursuant to the amended terms,
Each Unit will be comprised of one common share of the
The Agent will have an option (the 'Agent's Option') to offer for sale up to an additional 15% of the number of Units sold in the Offering at the Offering Price, which Agent's Option is exercisable, in whole or in part, at any time up to 48 hours prior to the closing of the Offering.
The Company intends to use the net proceeds from the Offering for working capital requirements and other general corporate purposes, including technical study on the Tonopah Gold project. Technical study at the Tonopah gold project is expected to include both infill and step out drilling, metallurgical and baseline environmental study, and the initiation of pre-feasibility/feasibility study for the project.
'This repricing is made in reaction to the recent decline in Viva share price due to a combination of declining gold markets and third-party actions that have delayed the Company's financing effort', states
The securities to be issued under the Offering will be offered by way of private placement in each of the provinces of
The Offering is scheduled to close on or about the week of
In connection with the Offering, the Agent will receive an aggregate fee equal to 6.0% of the gross proceeds from the Offering, including in respect of any exercise of the Agent's Option, payable in cash or Units, at the option of the Agent. In addition, the Company will grant the Agent, on date of Closing, non-transferable compensation options (the 'Compensation Options') equal to 6.0% of the total number of Units sold under the Offering (including in respect of any exercise of the Agent's Option). Each Compensation Option will entitle the holder thereof to purchase one Common Share at an exercise price equal to the Offering Price for a period of 36 months following the Closing.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the '
About
Contact:
Tel: (720) 291-1775
Email: jhesketh@vivagoldcorp.com
Cautionary Note Regarding Forward-looking Information
This news release contains certain information that may constitute forward-looking information or forward-looking statements under applicable Canadian securities legislation (collectively, 'forward-looking information'). This forward-looking information entails various risks and uncertainties that are based on current expectations, and actual results may differ materially from those contained in such information. These uncertainties and risks include, but are not limited to, the strength of the global economy; the price of gold; operational, funding and liquidity risks; the potential for achieving targeted drill results, the degree to which mineral resource estimates are reflective of actual mineral resources; the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with drilling and mining operations; the ability of Viva to fund its capital requirements, and changing circumstances that cause Viva's management to amend the expected us of the Offering proceeds. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure materials filed with the security's regulatory authorities in
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