Vior Announces Closing of Additional $2.5 Million Private Placement

Rhea-AI Summary

Vior closes a $2.5 million private placement, issuing 20,160,000 units at $0.125 per unit. The funds will support exploration work in Quebec and general corporate purposes. The company expresses confidence in its flagship Belleterre Gold Project and anticipates a busy year ahead with drilling starting in June. Vior paid finders' fees of $113,313 to third parties. The units and warrants are subject to a hold period until August 19, 2024.

MONTREAL, QC / ACCESSWIRE / April 18, 2024 / VIOR INC. ("Vior" or the "Corporation") (TSXV:VIO);(OTCQB:VIORF) and (FRANKFURT:VL51) is pleased to announce that it has closed a non-brokered private placement (the "Offering") for gross proceeds of $2,520,000, by issuing 20,160,000 units of the Corporation (the "Units") at an issue price of $0.125 per Unit. Each Unit is comprised of one common share of the Corporation (each, a "Share") and one-half of one common share purchase warrant of the Corporation (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Share at an exercise price of $0.21 per Share for a period of 24 months following the closing date of the Offering.

Mark Fedosiewich, President and CEO of Vior, stated, "We are pleased to announce this second finance closing with several institutional funds and high net worth individuals, who were not able to meet the tight closing window of the original March 28, 2024 financing. These combined closings, totalling $21.83M, reinforce the confidence and commitment that well-heeled investors have demonstrated in the Vior team and our flagship Belleterre Gold Project. We are well underway in the permitting for the initial 60,000 metres of drilling, and we anticipate that drills will be turning sometime in June. We look forward to a very busy and exciting news-filled year ahead".

Vior intends to use the net proceeds from this Offering to fund exploration work in Quebec, as well as for working capital and general corporate purposes.

The Units and the Warrants issued in connection with Offering are subject to a four-month and one (1) day hold period expiring on August 19, 2024, pursuant to National Instrument 45-102 - Resale Restrictions and Regulation 45-102 - Resale of Securities and the certificates or DRS advices representing such securities will bear a legend to that effect.

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the final acceptance by the TSX-V.

In connection with the Offering, the Corporation paid finders' fees totalling $113,313 to arm's length third parties of Vior.

About VIOR
Vior is a junior mineral exploration Corporation based in the province of Québec, Canada, whose corporate strategy is to generate, explore, and develop high-quality mineral projects in the proven and favourable mining jurisdiction of Québec. Through the years, Vior's management and technical teams have demonstrated their ability to discover several gold deposits and many high-quality mineral prospects.

Vior is rapidly advancing its flagship Belleterre Gold Project with the strategic support of Osisko Mining Inc. The Belleterre Gold Project is an exciting district-scale property that includes Québec's past-producing high-grade Belleterre gold mine. Vior has conducted extensive exploration at the Belleterre property and is finalizing plans for a +60,000m drill program. Vior is also actively developing its promising Skyfall Project in partnership with SOQUEM Inc., as well as several other properties with multi-mineral potential.

For More Information, Please Contact:

Mark Fedosiewich President and CEO 613-898-5052 mfedosiewich@vior.ca

Laurent Eustache Executive Vice-President 514-442-7707 leustache@vior.ca

Forward-Looking Information
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Corporation expects or anticipates will or may occur in the future, including, without limitation, statements with respect to, the receipt of all necessary regulatory and other approvals of the Offering, including approval of the Exchange; the use of proceeds from the Offering; the anticipated date for the Special Meeting. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.

Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the price of gold, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Corporation's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Corporation in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves, the limited operating history of the Corporation, the influence of a large shareholder, aboriginal title and consultation issues, reliance on key management and other personnel, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals and the risk factors with respect to the Corporation set out in the Corporation's filings with the Canadian securities regulators and available under the Corporation's profile on SEDAR+ at www.sedarplus.ca.

Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Corporation undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.

Neither the Exchange nor its Regulations Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Vior Inc.

View the original press release on accesswire.com

FAQ

What is the amount of the private placement announced by Vior?

Vior announced a $2.5 million private placement.

How many units were issued in the private placement by Vior?

Vior issued 20,160,000 units in the private placement.

What is the issue price per unit in Vior's private placement?

The issue price per unit in Vior's private placement is $0.125.

What project does Vior express confidence in?

Vior expresses confidence in its flagship Belleterre Gold Project.

When will drilling start according to Vior's announcement?

Drilling is anticipated to start sometime in June according to Vior.

What are the intended uses of the net proceeds from Vior's private placement?

The net proceeds from the private placement will be used for exploration work in Quebec, working capital, and general corporate purposes.

How long is the hold period for the units and warrants issued by Vior?

The units and warrants issued by Vior are subject to a hold period until August 19, 2024.

How much did Vior pay in finders' fees to third parties?

Vior paid finders' fees totaling $113,313 to third parties.