/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
ROUYN-NORANDA, QC, Aug. 8 /CNW Telbec/ - Visible Gold Mines Inc.
(TSXV: VGD) today announced that it has completed a private placement by
issuing an aggregate of 1,375,000 units to two Quebec-based institutional
investors at a price of $0.40 per unit, for gross proceeds to Visible Gold
Mines of $550,000.
Each unit consists of one common share and one-half of a common share
purchase warrant. Each whole warrant entitles the holder thereof to acquire
one additional common share of Visible Gold Mines at a price of $0.60 per
share for a period of 24 months from the date of issuance.
Under applicable securities legislation and policies of the TSX Venture
Exchange, the common shares and warrants issued in connection with the private
placement are subject to a hold period expiring on December 8, 2007.
The proceeds from the private placement will be used by Visible Gold
Mines for exploration work on its Stadacona East property, future property
acquisitions and for working capital and general corporate purposes.
Following the closing of the private placement, there are
25,369,929 common shares of Visible Gold Mines issued and outstanding.
About Visible Gold Mines Inc.
Visible Gold Mines is a company focused on gold in the prolific Abitibi
Gold Belt in Quebec. The Company's portfolio of properties consists of
wholly-owned projects which will be managed by a team of geologists who have a
proven track record. Visible Gold Mines' modus operandi is to increase
shareholder value mainly by increasing its resources. A major portion of the
2007-2008 exploration budget will be invested on the company's flagship
Stadacona East Mine' property.
This news release contains certain forward-looking statements. These
forward-looking statements are subject to a variety of risks and uncertainties
beyond the ability Visible Gold Mines to control or predict, which could cause
actual events or results to differ materially from those anticipated in such
forward-looking statements, including risks disclosed in filings with the
Canadian securities regulators made by Visible Gold Mines. Accordingly,
readers should not place undue reliance on forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
For further information:
For further information: Martin Dallaire, President and CEO, (819)
762-0609, Fax: (819) 762-0097, firstname.lastname@example.org,