Viva Gold arranges $3-million private placement

Executive Summary

• Viva Gold Corp. announced a non-brokered private placement of up to 18.75 million units at $0.16 per unit, targeting gross proceeds of up to $3 million.
• Each unit consists of one common share and one-half of one non-transferable common share purchase warrant, exercisable at $0.24 per share for 36 months.
• Proceeds will be primarily allocated to prefeasibility/feasibility study work at the Tonopah gold project, including technical, environmental, and drilling activities.

Key Details

• Offering Size: Up to 18.75 million units.
• Price: $0.16 per unit.
• Gross Proceeds: Up to $3,000,000.
• Structure: Each unit comprises one common share and one-half of one non-transferable common share purchase warrant.
• Warrant Terms: Each whole warrant is exercisable to acquire one share at an exercise price of $0.24 per share.
• Warrant Duration: 36 months from the date of issuance.
• Insider Participation: Certain insiders may participate; such participation is expected to be exempt from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101, as the value is not expected to exceed 25% of the company's market capitalization.
• Use of Proceeds:
  • Primary: Prefeasibility/feasibility study work at the Tonopah gold project (technical and environmental studies).
  • Secondary: Geophysical survey and other geologic work, including drilling.
  • Tertiary: General working capital.
• Finders' Fees: The company may pay finders' fees on a portion of the offering, subject to TSX Venture Exchange policies and applicable securities legislation.
• Closing Conditions: Subject to approval of the TSX Venture Exchange.
• Hold Period: Securities and underlying shares are subject to a statutory hold period of four months and one day from the date of issuance.

Notable Quotes

• No direct quotes from management were included in the provided text.