VANCOUVER, British Columbia, Jan. 22, 2019 (GLOBE NEWSWIRE) --Viscount Mining Corp. (TSX-V: VML) (OTCQB: VLMGF) (“Viscount” or the “Company”) is pleased to announce a Non-Brokered Private Placement raising gross proceeds of $1,002,500 from the issuance and sale of 5,012,500 Units at a price of $0.20 per Unit. Each Unit consists of one (1) common share (“Common Share”) of the Company and one (1) share purchase warrant (“Warrant”). Each Warrant will entitle the holder thereof to purchase one additional common share of the Issuer for a period of 2 years from the Closing Date at an exercise price of $0.35 per Warrant Share.
Three directors of the Corporation participated in the private placement. There were no new insiders created, nor any change of control as a result of this Private Placement.
On approval by the TSX-V Finder fees will be paid totaling $19,600 in cash and 73,500 broker warrants which will have the same terms and conditions as unit warrants. All securities issued in the financing are subject to a statutory hold period expiring four months and one day after closing. The Placement is subject to TSX-V approval.
The net proceeds from the placement will be used to advance the Company's mineral projects in Nevada and Colorado, and for general corporate and working capital purposes.
The Company also wishes to announce that pursuant to the Company's Stock Option Plan, it has granted 971,000 stock options at a price of $0.22 per common share to certain directors, officers and consultants of the Company. As per the Company's Stock Option Plan, the options granted are exercisable until January 22, 2024. The Options and underlying common shares are subject to a four-month hold period in accordance with the policies of the TSX Venture Exchange. Grant of the options is subject to the approval of the TSX Venture Exchange.
About Viscount Mining (TSX VENTURE: VML) (OTCQB: VLMGF)
Viscount Mining is a project generator and an exploration company with a portfolio of silver and gold properties in the Western United States, including Silver Cliff in Colorado and Cherry Creek in Nevada.
The Silver Cliff property in Colorado lies within the historic Hardscrabble Silver District in the Wet Mountain Valley, Custer County, south-central Colorado. It is located 44 miles WSW of Pueblo, Colorado, and has year-around access by paved road. The property consists of 2,319.48 acres where high grade silver, gold and base metal production came from numerous mines during the period 1878 to the early 1900’s. The property underwent substantial exploration between 1967 and 1984.
The property is interpreted to encompass a portion of a large caldera and highly altered sequence of tertiary rhyolitic flows and fragmental units which offers potential to host deposits with both precious and base metals. This has been demonstrated in the mineralization historically extracted from the numerous underground and surface mining operations. Drilling in the 1980s by Tenneco resulted in a historical pre-feasibility study on which basis it was planned to bring the property to production. The plan was abandoned following takeover by another company.
The Cherry Creek exploration property is focused in an area commonly known as the Cherry Creek Mining District, located approximately 30 miles north of the town of Ely, in White Pine County, Nevada. Cherry Creek consists of over 400 unpatented and patented claims as well as mill rights and is comprised of more than 3,238 hectares. Cherry Creek includes more than 20 past producing mines.
For additional information regarding the above noted properties and other corporate information, please visit the Company's website atwww.viscountmining.com
ON BEHALF OF THE BOARD OF DIRECTORS
President, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed "forward-looking" statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Viscount Mining Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Viscount Mining Corp. management on the date the statements are made. Except as required by law, Viscount Mining Corp. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.