Viva Gold (TSXV:VAU) (OTCQB:VAUCF) (FSE:7PB) is looking to raise up to $3 million from the placement of up to 21,428,571 units priced at $0.14 per unit. Each unit consists of one share and one warrant, with the warrant exercisable at $0.23 for 36 months.
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Video Transcript:
Viva Gold Corp. (TSXV:VAU) (OTCQB:VAUCF) (FSE:7PB) is currently raising funds through a non-brokered private placement.
The company is looking to raise up to $3 million from the placement of up to 21,428,571 units priced at $0.14 per unit.
Each unit consists of one share and one warrant, with the warrant exercisable at $0.23 for 36 months.
The shares are currently trading at $0.14.
The company plans to use the net proceeds of the offering principally towards drilling operations and completion of additional technical and environmental baseline studies at its Tonopah Gold project, and secondarily for general working capital purposes.
Viva Gold Corp holds 100% of the Tonopah gold project, located on the world class Walker Lane mineral trend in western Nevada, approximately 30 minutes’ drive southeast of the Kinross Round Mountain mine and 20 minutes’ drive from the Town of Tonopah.
The project enjoys exceptional infrastructure with paved road access and nearby commercially available water and grid electric power.
Prior to its 2022 drilling program, Tonopah had a measured and indicated contained mineral gold resource of 394,000 ounces at a gold grade of 0.78 grams/tonne and 206,000 ounces of Inferred resource at 0.87 grams/tonne.
Work is underway to add 22 additional drill-holes drilled in 2022, that returned exceptionally positive results, to the resource base.
The gold resource at Tonopah is generally well oxidized and is amenable to both heap leach and leach mill processing for gold recovery.
Viva has worked with its regulators to significantly advance its environmental, social and technical baseline study work at Tonopah to support future environmental and project development permitting requirements.
James Hesketh, President & CEO, stated: “Viva has received expressions of support for funding additional drilling and technical work at Tonopah from its major shareholders, who together own over 50% of Viva’s outstanding shares, representing a strong vote of confidence in Viva and it’s Tonopah Gold Project. This financing will allow us to follow-up on the exceptional drill results from our 2022 drilling programs at Tonopah, with the goal of adding to our gold resource base and to move the project into feasibility study and permitting. Tonopah, located in the world-class mining friendly Walker Lane trend of western Nevada, has a strong core of near-surface measured and indicated gold resource with excellent exploration upside potential. This, combined with paved road access and power and water infrastructure, makes the project a strong target for development and value addition.”
For more information, please visit the company’s website www.VivaGoldCorp.com, contact James Hesketh, President & CEO at 720-291-1775 or by email at JHesketh@VivaGoldCorp.com.
For investor relations, contact Anne Hite, Director Investor Relations, at 303-519-5149 or by email at
AHite@VivaGoldCorp.com.
