VANCOUVER, Dec. 18, 2012 /CNW/ - Veris Gold Corp. (TSX: VG) (OTCQB: YNGFF) (Frankfurt Xetra Exchange:
NG6A) (the "Company"). The Company is pleased to announce it has closed its
previously announced offering of units ("Units") of the Company (the
"Offering"). The Company sold 7,200,000 Units at a price of C$2.10 per
Unit representing aggregate gross proceeds of C$15,120,000. Each Unit
comprises one common share of the Company and one-half of one common
share purchase warrant. Each whole warrant entitles the holder to
purchase one common share of the Company at an exercise price of C$2.35
until December 18, 2016.
The Offering was made pursuant to an agency agreement dated December 6,
2012 between the Company and a syndicate of agents co-led by Haywood
Securities Inc. and Casimir Capital Ltd., and includes Global Hunter
Securities LLC. Global Hunter Securities LLC was engaged to offer the
Units only in the United States.
The Company intends to use the net proceeds to (i) fund the initial
development of Starvation Canyon mine at Jerritt Canyon, (ii) fund a
portion of the additional bonding for future reclamation obligations
arising from the current years investment into a second tailings
facility, (iii) fund the completion of re-grading existing rock
disposal areas at Jerritt Canyon, the final item remaining under the
Consent Decree, and (iv) improve working capital and also for general
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which the offer,
solicitation or sale would be unlawful. Copies of the final prospectus
supplement and accompanying short form base shelf prospectus are
available at www.sedar.com and www.sec.gov or by directing a request to Haywood Securities Inc. at Waterfront
Centre, 200 Burrard Street, Suite 700, Vancouver, B.C. V6C 3L6,
telephone (604) 697-7126, Email: email@example.com, Attn: Michelle Jankovich.
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 asset is the permitted and
operating Jerritt Canyon gold mine located 50 miles north of Elko,
Nevada, USA. The Company also holds a diverse portfolio of precious
metals properties in British Columbia and the Yukon Territory, Canada,
including the former producing Ketza River mine. The Company's focus
has been on the re-development of the Jerritt Canyon mining and milling
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
WARNING: The Company relies upon litigation protection for
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 and the Company's use of proceeds from the sale
of the 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 need to satisfy regulatory and legal requirements
with respect to Offering; gold price volatility; discrepancies between
actual and estimated production and mineral reserves and mineral
resources; the speculative nature of gold exploration; mining
operational and development risk; and regulatory risks. See the
Company's 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 securities laws.
SOURCE: Veris Gold Corp.
For further information:
Veris Gold Corp.
Senior Director, Institutional Investor Relations
Tel: (604) 688-9427
Investor Relations Manager
Tel: (604) 688-9427 ext 224
CHF Investor Relations
Director of Operations
Tel: (416) 868-1079 ext. 225
Chairman Tel: +49 711 25 35 92 40
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