Visible Gold Mines Inc. (TSXV: VGD) (OTC Pink: VGMIF) (FRANKFURT: 3V41) is pleased to announce that Prospectair has completed a heliborne high-resolution magnetic (MAG) survey over Visible Gold Mines' Horsefly and Doda properties located in the Surprise Lake area, Eeyou Istchee Baie-James region, Province of Quebec.
Visible Gold Mines Inc. (TSXV: VGD) (OTCQX: VGMIF) (FRANKFURT: 3V41) is pleased to announce that it has entered into an option agreement with TomaGold Corp. (the "Option Agreement") to sell its 30% ownership interest in the mining claims comprising the Hazeur property, located 35 km south east of Chapais. As consideration pursuant to the Option Agreement, TomaGold will be required to issue 2 million common shares to Visible Gold Mines upon receipt of the TSX Venture Exchange approval for this transaction, and pay an aggregate amount of $250,000 to Visible Gold Mines, to be paid in the following instalments: $50,000 on or before May 31, 2021, $100,000 on or before July 31, 2021, and $100,000 on or before November 30, 2021. Pursuant to the Option Agreement, Visible Gold Mines was granted a 2% net smelter return (NSR) royalty on the mining claims comprising the Hazeur property, 50% of which NSR Royalty may be purchased by TomaGold at any time for an amount of $500,000.
ROUYN-NORANDA, QC, March 25, 2021 /CNW/ - Claude Veillette (the "Acquiror") announced today an update in respect of its ownership of common shares ("Common Shares") of Visible Gold Mines Inc. As a result of a prior equity issuance by the Corporation in which the Acquiror did not participate (the "Company Issuance"), the Acquiror's ownership interest in the Corporation was diluted below 10% of the then issued and outstanding Common Shares.