Vior closes first $624,990 tranche of private placement
MONTREAL, QC / ACCESSWIRE / July 22, 2022 / VIOR INC. (“Vior” or the “Company”), (TSXV:VIO) (OTC PINK:VIORF) (FRANKFURT:VL51) is pleased to announce the closing of a first tranche of a private placement of units of the Company (the “Offer“) for gross proceeds of $624,990. The placement includes the issuance of 4,807,614 units (the “Units“) at a price of $0.13 per unit, each unit consisting of one common share in the capital of Vior (a “Ordinary share“) and one-half common share purchase warrant (each whole warrant being a “To guarantee“). Each warrant entitles its holder to acquire one additional common share at an exercise price of $0.21 per common share for a period of 30 months from the closing date. The warrants will be subject to an accelerated expiry date provision whereby, at any time after the expiry of the four month and one day holding period, if the trading price of the Common Shares on the TSX Venture Exchange (the “TSX-V“) be equal to or greater than $0.35 for 10 consecutive trading days, as evidenced by the price at market close, Vior shall be entitled to give notice to the holder of its intention to force the exercise of the Warrants within 30 days of receipt of such notice by the warrant holder.
As part of the offer, Osisko Mines inc. (“Osisko“) exercised its equity right pursuant to an investor rights agreement entered into by Vior and Osisko on March 17, 2021 and subscribed for 1,923,000 Units for gross proceeds of $249,990. Immediately following such closing, Osisko will hold approximately 7.80% of the issued and outstanding common shares of Vior and 11.26% on a partially diluted basis, assuming the exercise of all warrants held by Osisko.
In addition, the Company issued 2,884,614 units for gross proceeds of $375,000 to two Quebec institutional funds, the Fonds de solidarité FTQ and the SIDEX limited partnership.
Mark Fedosiewich, President and CEO, said, “We are extremely pleased that Osisko and these two Quebec institutional funds are participating in this placement and increasing their stake in our company, and we thank them for their continued support.”
Vior intends to use the net proceeds of this placement to finance exploration work in Quebec, as well as for working capital and general corporate purposes.
The Units and Warrants issued in connection with the Placement are subject to a hold period of four months and one (1) day expiring on November 23, 2022 in accordance with NI 45-102 – Resale Restrictions and Regulation 45-102 – Resale of securities and the DRS certificates or notices representing these securities will bear a statement to this effect.
The Offering is subject to certain conditions, including, but not limited to, receipt of all necessary regulatory and other approvals, including acceptance by the TSX Venture Exchange. Vior also announces that it intends to close a second tranche of the offering in the near future.
About the Solidarity Fund QFL
The Fonds de solidarité FTQ invests to build a better society by channeling the savings of its 748,371 shareholders into development and venture capital investments to help Quebec make the transition to a green economy, to a world of work centered on people and towards a healthier society. The Fund offers businesses unsecured financing and strategic support. With net assets of $17.4 billion as of May 31, 2022, the Fund has supported 3,620 partner companies and 296,927 jobs. For more information, fondsftq.com.
About SIDEX Limited Partnership.
SIDEX is an initiative of the Government of Quebec and the Fonds de solidarité FTQ whose mission is to invest in companies engaged in mineral exploration in Quebec in order to diversify the province’s mineral base, foster innovation and new contractors.
About Vior Inc.
Vior is a hybrid junior mining exploration company based in Quebec, whose corporate strategy is to generate, explore and develop high quality projects in proven and favorable mining jurisdictions in North America. Over the years, Vior’s management and technical teams have demonstrated their ability to discover several gold deposits and numerous high quality mining prospects.
For more information, please contact:
President and CEO
Such. : 613-898-5052
Vice President of Corporate Development
Such. : 514-442-7707
SEDAR: Vior Inc.
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 this release.
This press release contains forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including, without limited to, the planned exploration program on the Belleterre project, the expected positive exploration results, the timing of the exploration results, the Company’s ability to continue the exploration program, the availability of required funds to pursue exploration and the approval of the Ministry of Energy and Natural Resources (“MERN”) of the request to abandon the two mining concessions filed by 9293-0122 Québec inc. are forward-looking statements. Forward-looking statements are generally identifiable by the use of the words “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”. , “earn”, “have”, “plan” or “project” or the negative form of these words or other variations of these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s ability to control or predict, which could cause the Company’s actual results to differ materially from those discussed. in forward-looking statements. , estimated or anticipated exploration expenditures, the possibility that future exploration results will not meet the Company’s expectations, general business and economic conditions, changes in world gold markets, sufficient availability labor and ilable equipment, changes in laws and permitting requirements, unforeseen weather changes, litigation and title claims, environmental hazards, MERN’s refusal to approve application for abandonment of the two mining concessions held by 9293-0122 Québec Inc. as well as these risks identified in the Company’s annual management report. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may differ materially from those described and, accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or planned. The Company does not intend and undertakes no obligation to update these forward-looking statements, except as otherwise required by applicable law.