VANCOUVER, Canada – Viscount Mining Corp. (TSX VENTURE: VML) (“Viscount” or “the Company) is pleased to announce that it has closed the first tranche of its non-brokered private placement (“Offering”).
The Company completed the sale of 6,700,006 units of the Company (the “Units”) at a price of C$0.15 per Unit for gross proceeds of C$1,005,000. Each Unit consists of one common share of the Company and one common share purchase warrant (a “Warrant”), with each Warrant exercisable into one common share of the Company for a period of 3 years from closing at an exercise price of C$0.25.
In connection with the Offering, the Company will pay cash commissions of C$59,528 and finders Warrants exercisable, in whole or in part, for 3 years following the closing, to acquire 396,853 common shares at an exercise price of $0.25.
The Common Shares and Warrants acquired by the subscribers are subject to a hold period of four months plus one day and may not be traded until March 25th, 2015.
The Company will proceed with the balance of the Offering and intends to use the funds raised from the issuance of the Units for general working capital and to continue to fund the on-going exploration program on at its Properties located in Nevada and Colorado. The Company may at its discretion elect to increase the size of the Offering to C$2,000,000 if it determines that such an increase is warranted.
About Viscount Mining (TSX-V: VML)
Viscount Mining is an exploration company with a portfolio of properties in the Western United States including holdings in Nevada comprising more than 9,000 acres, all 100% owned, including more than 20 past producing silver and gold mines. Silver Cliff in Colorado is comprised of 96 lode claims, covering much of the historical past producing mineral districts of Silver Cliff and Rosita Hills.
ON BEHALF OF THE BOARD OF DIRECTORS
Jim MacKenzie, President, CEO and Director
For further information, please contact:
Viscount Investor Relations
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.
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements, which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to the completion of any additional closings under the Offering. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
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