Viva Gold Corp. Completes Private Placement and Announces Plans for Tonopah Gold Project
Viva Gold Corp. (VAU), a mineral exploration company with a focus on gold projects, recently announced the successful completion of a non-brokered private placement offering. The Company issued a total of 12,576,974 Units at a price of CDN$0.13 per Unit, raising gross proceeds of CDN$1,635,007.
Details of the Private Placement
Each Unit consists of one common share in the capital of the Company and one-half of one non-transferable common share purchase warrant. The exercise price of each whole warrant is CDN$0.17 per Share, with an exercise period extending until April 2, 2028.
Funding the Next Steps for the Tonopah Gold Project
The proceeds from this financing will be allocated towards several key initiatives for Viva Gold’s Tonopah gold project in Nevada. The project is currently undergoing an updated NI43-101 compliant resource estimate and Preliminary Economic Assessment (PEA) study. These studies aim to provide a clearer understanding of the project’s potential, including the size and grade of the mineral resource and the expected economic viability of extracting the gold.
Additionally, the financing will enable Viva Gold to commence work on recommendations made by the qualified persons authoring the PEA and move the project into the feasibility study phase. This represents a significant milestone for the Company as it brings the Tonopah gold project one step closer to potential commercial production.
Impact on Individual Investors
For individual investors interested in the gold sector, the successful completion of this financing and the progress being made at the Tonopah gold project may be seen as positive developments. The completion of the resource estimate and PEA studies, followed by the feasibility study, could potentially lead to increased investor interest and a higher stock price for Viva Gold.
Global Implications
On a larger scale, the mining industry and the global gold market may be affected by the progress at the Tonopah gold project. If the studies reveal a substantial mineral resource and a strong economic case for mining, it could contribute to the overall supply of gold and influence gold prices. Furthermore, successful implementation of the project could set a positive precedent for other mining companies, potentially leading to increased investment and development in the sector.
Conclusion
Viva Gold Corp.’s successful completion of a non-brokered private placement offering marks an important step forward for the Company as it continues to advance its Tonopah gold project in Nevada. With the proceeds from this financing, Viva Gold plans to complete resource estimate and PEA studies, commence work on recommendations from the PEA, and move the project into the feasibility study phase. These developments could have positive implications for individual investors, the gold market, and the mining industry as a whole.
- Viva Gold completes private placement, raising CDN$1,635,007
- Proceeds to be used for Tonopah gold project studies and recommendations
- Resource estimate, PEA, and feasibility study to provide clearer understanding of project potential
- Positive impact on individual investors, gold market, and mining industry
