VGD:CA announced that it will effect a non-brokered private placement in a maximum amount of $3.84 million by issuing a maximum of 12 million units at a price of $0.32 per unit. The units will be sold to “accredited investors” in Canada and elsewhere on a prospectus-exempt basis. Closing of the private placement is expected to occur on or about October 13, 2010.
The proceeds from the private placement will be used for exploration on Visible’s Abitibi Gold Belt properties and for working capital purposes. There are currently 25,869,929 common shares of Visible Gold Mines issued and outstanding.
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Martin Dallaire ,