Val-d’Or Mining Corporation Announces $100,000 Private Placement
| OCTOBER 12, 2017
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
Val-d’Or, Québec, — Val-d’Or Mining Corporation (TSX-V:MZZ) (the “Company”) announces that it will conduct a non-brokered private placement offering pursuant to which it will issue up to 1,000,000 Units at a per Unit price of $0.10 for gross proceeds of up to $100,000. Each Unit will consist of one common share in the capital of the Company and one-half of one non-transferable common share purchase warrant, each whole warrant exercisable for the purchase of one common share of the Company at a per share price of $0.15 for a period of 36 months from the date of closing of the private placement.
The private placement, which is subject to acceptance by the TSX Venture Exchange, will close concurrent with closing of the offering by the Company under a short form prospectus dated October 3, 2017, as previously announced by the Company by news release dated August 28, 2017. It is expected that the closing will take place on or about October 30, 2017, or such other date as may be agreed between the Company and Canaccord Genuity Corp., the Agent under the short form prospectus offering, but in any event not later than December 29, 2017.
The proceeds raised from the private placement will be used by the Company to conduct a recommended Phase 1 exploration program on its Oregon property interest located approximately 4 km northwest of the town of Barraute in the south central part of Barraute Township 40 km north of Val-d’Or, Abitibi, northwestern Québec, which is under option from Golden Valley Mines Ltd. All securities issued under the private placement will be subject to a hold period of four months and one day from the date of closing in accordance with applicable securities legislation.
An administration fee of 4% of the gross proceeds raised by the private placement will be paid by the Company to a subscriber.
About Val-d’Or Mining Corporation
Val-d’Or Mining Corporation is a junior natural resource issuer involved in the process of exploring, evaluating and promoting its mineral property assets. The Company holds an option to acquire a 100% interest in 61 grassroots properties located in Ontario and Québec; in addition to which it holds a 100% interest in the Marymac Prospect located in the Labrador Trough of Québec, subject to a 2% NSR; a 100% interest in the Shoot-Out Prospect, which is the combination of two properties, Shoot-Out East and Shoot-Out West, and consists of claims located in the Raglan Belt of northern Québec, subject to a 3% NSR; a 100% interest in the Fortin Prospect consisting of five contiguous mining claims located in the central part of Ducros Township, approximatively 80 kilometres northeast of the city of Val-d’Or, Québec, subject to a 1.5% NSR; and holds a 100% interest in the Chibougamau-Chapais Prospect, located in the Chibougamau area in central Québec, which were staked by the Company in the second quarter of 2016.
For additional information, please contact:
Glenn J. Mullan
2864 chemin Sullivan
Val-d’Or, Québec J9P 0B9
Tel.: 819-824-2808, x 204
Email: glenn.mullan@goldenvalleymines.com
Forward Looking Statements:
This news release contains certain statements that may be deemed “forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.