Mr. Mark Fedosiewich reports
VIOR ANNOUNCES THE CLOSING OF A $1,350,000 PRIVATE PLACEMENT
Societe D'exploration Miniere Vior Inc. has closed a private placement totalling 13.5 million units at a price of 10 cents per unit, for total gross proceeds of $1.35-million.
Each unit consists of one common share of the corporation and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one share at a price of 15 cents per share for a period of 24 months ending July 23, 2022.
In connection with the offering, the corporation paid finders' fees totalling $28,000 to arm's-length third parties of Vior.
The securities issued in connection with the offering are subject to a four-month hold period ending Nov. 24, 2020. The offering was carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange.
Vior will use the offering proceeds to finance exploration works on its properties and for general corporate purposes.
The insiders participation for $75,200 is exempt from the formal valuation and minority shareholder approval requirements provided under MI 61-101 in accordance with sections 5.5(a) and 5.7(1)(a) of MI 61-101. This exemption is based on the fact that neither the fair market value of the private placement nor the consideration paid by such insiders exceeds 25 per cent of the market capitalization of the corporation.
As a result of the closing of the offering, there are 57,759,267 shares of Vior issued and outstanding.
About Societe D'exploration Miniere Vior Inc.
Vior is a junior mining exploration company based in Quebec whose corporate strategy is to generate, explore and develop high-quality projects in proven and favourable mining jurisdictions in North America.
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