Vior Provides An Update On Recent Property Transactions with Osisko Mining Inc.
Vior Inc. has announced updates on property transactions with Osisko Mining Inc. regarding the Blondeau-Guillet and Skyfall Properties. The company issued 625,000 common shares to Osisko for the Blondeau-Guillet gold property and amended the Option Agreement to allow for the issuance of up to 789,474 shares over three years for a total of $225,000. Vior also issued 107,142 shares to Osisko for the acquisition of 83 claims adjacent to the Skyfall project. Additionally, Vior amended its stock option plan, increasing shares issuable to 9,184,000, pending TSXV approval.
- Issuance of 625,000 shares to Osisko enhances partnership and resource access.
- Amendment to the Option Agreement permits potential issuance of up to 789,474 shares, providing financial flexibility.
- Successful acquisition of 83 claims near the Skyfall project supports growth.
- Increased stock option capacity from 5,775,900 to 9,184,000 aligns incentivization with corporate objectives.
- Dependence on Osisko as a significant shareholder may limit operational independence.
- Potential dilution of existing shares due to share issuances could affect current shareholders.
MONTREAL, QC / ACCESSWIRE / November 14, 2022 / VIOR INC. ("Vior" or the "Corporation"), (TSXV:VIO)(OTCQB:VIORF)(FRANKFURT:VL51) is pleased to provide an update on recent property transactions with Osisko Mining Inc. ("Osisko") relating to the Blondeau-Guillet Property, announced on August 25, 2021, and the Skyfall Property announced on September 9, 2022.
Blondeau-Guillet Property - Belleterre
The Corporation announces the issuance of 625,000 Vior common shares to Osisko, pursuant to the Option Agreement signed August 24, 2021, and amended as of August 24, 2022 (collectively, the "Option Agreement"), for the Blondeau-Guillet gold property (the "Property") in the Abitibi-Témiscamingue region of Quebec. The share issuance was approved by the TSX Venture Exchange ("TSXV") and is subject to a 4 month and one day hold period.
The parties have amended the Option Agreement to provide for the maximum issuance of up to 789,474 common shares of the Corporation (the "Shares") at the Current Market Price (as defined below) per tranche of
The parties have also agreed to extend the deadline to August 24, 2023, for Vior to complete the minimum work commitments totaling
Skyfall Property
The Corporation has completed the issuance of 107,142 Vior common shares to Osisko, to satisfy the purchase from Osisko of 83 claims covering approximately 4,682 hectares next to Vior's Skyfall project, as per the agreement announced on September 9, 2022 (the "Acquisition Agreement"). This share issuance was approved by the TSXV and is subject to a 4 month and one day hold period.
The Option Agreement and Acquisition Agreement are each considered to be a "related party transaction" for purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") and Policy 5.9 - Protection of Minority Security Holders in Special Transactions of the TSXV, as Osisko is a "related party" (for purposes of MI 61-101) of the Corporation by virtue of holding beneficial ownership over more than
Stock Option Plan
Vior announces that it has amended its stock option plan (the "Stock Option Plan"). The amendment increases the maximum number of shares issuable upon exercise of the options granted to directors, officers, key employees and consultants of Vior pursuant to the Stock Option Plan from 5,775,900 to 9,184,000. Such number represents less than
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 favourable mining jurisdictions in North America. Through the years, Vior's management and technical teams have demonstrated their ability to discover several gold deposits and many high-quality mineral prospects (see Vior's corporate presentation HERE).
For further 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
Neither the TSX Venture Exchange nor its regulation services provider (as defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Corporation believes, expects or anticipates will or may occur in the future including, without limitation, the ability of the Corporation to continue with the exploration program on the Blondeau-Guillet Property and the future issuance of Shares (or cash payment in lieu thereof) under the Option Agreement are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Corporation's ability to control or predict, that may cause the actual results of the Corporation to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, the possibility that future exploration results will not be consistent with the Corporation's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks, as well as those risks identified in the Corporation's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Corporation has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Corporation does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.
SOURCE: Vior, Inc.
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FAQ
What is the recent update on Vior Inc. and Osisko Mining Inc. regarding property transactions?
How many shares did Vior issue to Osisko for the Blondeau-Guillet Property?
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