Toronto Stock Exchange: VG
/NOT FOR DISSEMINATION INTO THE UNITED STATES OR THROUGH U.S. NEWSWIRE
VANCOUVER, Dec. 2, 2013 /CNW/ - Veris Gold Corp. ("Veris" or the "Company") (TSX: VG) (OTCQB: YNGFF)
(Frankfurt Xetra Exchange: NG6A) announces it has closed its previously announced offering (the
"Offering") of units (the "Units") and flow-through units (the
"Flow-Through Units") for aggregate gross proceeds of approximately
The Company issued 8,488,780 Units at a price of C$0.405, with each Unit
comprised of one common share of the Company (a "Unit Share") and one
half of one common share purchase warrant (each whole warrant, a
"Warrant"). Each Warrant has an exercise price of C$0.50 and entitles
the holder thereof to acquire one common share of the Company for a
period of thirty-six (36) months following the closing of the Offering.
The Company also issued 6,515,628 Flow-Through Units at a price of
C$0.43 with each Flow-Through Unit comprised of one common share of the
Company which qualifies as a "flow-through share" within the meaning of
the Income Tax Act (Canada) (the "Flow-Through Shares") and one-half of one Warrant.
The Offering was conducted on a best efforts agency basis pursuant to an
agency agreement between the Company and Secutor Capital Management
Corporation (the "Agent"). The Company granted the Agent an
over-allotment option to purchase up to 2,250,661 securities comprising
of additional Units and Flow-Through Units, to cover over-allocations,
if any, and for market stabilization purposes, such over-allotment
option exercisable for a period of 30-days from the closing of the
The Company intends to use the proceeds of the Offering to (a) make
payments under the forward gold purchase agreement to which the Company
is a party, (b) upgrade and refurbish the dry mill equipment at its
Jerritt Canyon mill operations, (c) complete the development of the
underground mine facilities at the Saval 4 property, (d) fund
exploration activities at the Company's Ketza River property from the
gross proceeds from the sale of Flow-Through Units, (e) fund bonding
related to future reclamation obligations, and (f) fund general working
The Company has received conditional approval of the listing of the Unit
Shares, the Flow-Through Shares and the common shares issuable on
exercise of the Unit Warrants and FT Unit Warrants on the Toronto Stock
Exchange (the "TSX"). Listing will be subject to satisfying all of the
requirements of the TSX.
The Offering was completed pursuant to a prospectus supplement dated
November 27, 2013 to the short form base shelf prospectus dated October
31, 2012 that the Company has filed with the security regulatory
authorities in each of the provinces of British Columbia, Alberta and
Ontario (the "Canadian Securities Authorities"). Copies of the
prospectus supplements and the accompanying base shelf prospectus
relating to these securities are available at www.sedar.com or by
directing a request to Secutor Capital Management Corporation at 1167
Caledonia Road, Toronto, Ontario, M6A 2X1, phone (416) 545-1015, email:
email@example.com, Attention: Peter Graham.
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended (the "U.S. Securities Act"), or
applicable state securities laws, and may not be offered or sold to, or
for the account or benefit of, persons in the United States or "U.S.
persons," as such term is defined in Regulation S promulgated under the
U.S. Securities Act, absent registration or an exemption from such
registration requirements. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy nor shall there be
any sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Veris Gold Corp.
Veris Gold Corp. is a growing mid-tier North American gold producer in
the business of developing and operating gold mines in geo-politically
stable jurisdictions. The Company's primary assets are the permitted
and operating Jerritt Canyon processing plant and gold mines located 50
miles north of Elko, Nevada, USA. The Company's primary focus is on
the re-development of the Jerritt Canyon mining and processing plant.
The Company also holds a portfolio of precious metals properties in
British Columbia and the Yukon Territory, Canada, including the Ketza
On behalf of
"VERIS GOLD CORP."
President and CEO
To be added to the Veris Gold e-mail list please sign up at www.verisgold.com.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release. All material information may be
accessed at www.sedar.com.
Forward-Looking Statements This press release contains "forward-looking statements" and "forward
looking information" within the meaning of applicable securities laws.
All statements, other than statements of historical fact, including
without limitation, statements relating to plans for or intentions with
respect to the offering of Securities and the Company's use of proceeds
from the sale of the Units and Flow-Through Units are forward-looking
statements. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as "plans",
"expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases or
state that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved". By their nature,
forward-looking statements and information are based on assumptions and
involve known and unknown risks, uncertainties and other factors that
may cause our actual results, performance or achievements, or industry
results, to be materially different from future results, performance or
achievements expressed or implied by such forward-looking information.
Such risks, uncertainties and other factors include among other things
the following: the Company's ability to engage underwriters, dealers or
agents on terms and conditions deemed reasonable by the Company; the
need to satisfy regulatory and legal requirements with respect to any
offerings; gold price volatility; discrepancies between actual and
estimated production and mineral reserves and resources; the
speculative nature of gold exploration; mining operational and
development risk; and regulatory risks. See our Annual Information Form
for additional information on risks, uncertainties and other related
factors. Although the Company has attempted to identify important
factors that could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements. The Company
does not undertake to update any forward-looking statements that are
incorporated by reference herein, except in accordance with applicable
SOURCE: Veris Gold Corp.
For further information:
Veris Gold Corp.
Joanne C. Jobin
VP, Investor Relations
T: (647) 964-0292
NA Toll Free: 1-855-688-9427
Veris Gold Corp.
Investor Relations Manager
T: (604) 688-9427 ext 224
NA Toll Free: 1-855-688-9427
T: +49 711 25 35 92 40