Vior Announces the Closing of a Private Placement
QUÉBEC, CANADA, JULY 6, 2017 – SOCIÉTÉ D’EXPLORATION MINIÈRE VIOR INC. (TSX VENTURE (VIO), FRANKFURT (VL5) (the “Company” or “Vior”) – is pleased to announce the closing of a private placement totaling 4,100,000 units (the “Units”) at a price of $0.08 per Unit, for total proceeds of $328,000 (the “Offering”).
Each Unit consists of one (1) common share of the Company (a “Share”) and one-half of one common share purchase warrant (each whole warrant being a “Warrant”). Each Warrant entitles the holder to acquire one (1) common share of the Company at a price of $0.12 per share for a period of twelve (12) months ending July 5, 2018.
The Société d’investissement dans la diversification de l’exploration, s.e.c. (“SIDEX”), under the “Field Action 2017” program of SIDEX, the Société de Développement de la Baie-James (“SDBJ”) and Capital croissance PME II, s.e.c. (“Capital croissance”) participated in the Offering.
Claude St-Jacques, President of Vior, declared that Vior was very happy to have Capital croissance, SDBJ and SIDEX as important shareholders of the Company. There notoriety and competence is unquestioned and we are very proud to partner with them in our development.
The securities issued in connection with the Offering are subject to a four (4) month hold period ending November 6, 2017. The proceeds of this Offering will be used by the Company for exploration work on its Mosseau project. The Offering is subject to the final approval of the TSX Venture Exchange.
The 2017 exploration program has just begun on the Mosseau project located 22 kilometers east of the town of Lebel-sur-Quévillon in the Abitibi region of Quebec. Prospecting and sampling is currently underway on the project to identify new gold showings along the various deformation structures that cross the property over a strike length of approximately 10 kilometers. At the same time, line cutting work has begun in preparation for an induced polarization (I.P.) survey to be undertaken by the end of July, following which a field follow-up will be carried out on the geophysical targets obtained.
The Company is also designing a drill program on the “M” zone of the Morono deposit, which remains open at depth, with the deepest drilling intersection at 270 meters and grading 4.42 g/t gold over 5.84 meters (true width, hole M4-88, statutory work from the Ministry GM47624). The drill program is slated to be undertaken early this fall.