ROUYN-NORANDA, QC, Jan. 9, 2019 /CNW Telbec/ - Visible Gold Mines Inc. (TSXV: VGD) (Frankfurt: 3V41) announces that it proposes to issue an aggregate of 1,650,550 common shares in settlement of a portion of a debt in an amount of $107,286 (the "Debt Settlement"). The debt resulted from exploration services provided by a creditor of Visible Gold Mines.
The common shares to be issued pursuant to the Debt Settlement will be issued at a deemed price of $0.065 per share and will be subject to a four-month hold period pursuant to applicable securities legislation and the policies of the TSX Venture Exchange.
The Board of Directors and Management of Visible Gold Mines believe that the proposed settlement of a debt by the issuance of common shares is in the best interests of Visible Gold Mines as it allows it to preserve its cash position.
The Debt Settlements is subject to regulatory approval, including that of the TSX Venture Exchange.
About Visible Gold Mines
Visible Gold Mines is a vibrant company actively exploring for the next major gold deposit in northwestern Québec, considered one of the world's best jurisdictions for mining and exploration.
Neither the 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 the release.
SOURCE Visible Gold Mines Inc.
For further information: Martin Dallaire, President and Chief Executive Officer, Telephone: 819-762-0107, Fax: 819-762-0097, E-mail: [email protected]