Report of Acquisition of Securities of Visionary Gold Corp.
Vancouver, May 11, 2023 - Wesley John Adams ("Adams") reports that he has acquired beneficial ownership of an additional 6,775,521 common shares ("Common Shares") of Visionary Gold Corp. ("Visionary") as well as 3,387,760 Common Share purchase warrants (the "Warrants"). Each Warrant entitles Adams to acquire one Common Share (each a "Warrant Share") at a price of $0.14 for a period of 36 months from the closing date of the Transaction (as defined herein). The Common Shares and Warrants were issued to Adams at a deemed price of $0.07 per Common Share to settle debts owing to Adams in the amount of $474,286.44 (the "Transaction").
The Common Shares and Warrant Shares (assuming exercise of the Warrants) acquired pursuant to the Transaction represent approximately 7.95% of the current issued and outstanding Common Shares. Immediately prior to the Transaction, Adams held 18,377,473 Common Shares, representing pre-Transaction holdings of approximately 16.89% of the issued and outstanding Common Shares. Following completion of the Transaction Adams' fully diluted holdings, including any Warrant Shares which may be issued upon exercise of the Warrants, represent approximately 28.7% of the issued and outstanding Common Shares.
Adams acquired the Common Shares and Warrants in satisfaction of debts owing to Adams by Visionary and expects to be a long-term holder of the Common Shares. Notwithstanding the foregoing, Adams may, from time to time, acquire additional securities of Visionary, dispose of some or all of the existing or additional securities held or to be held, or may continue to hold his current position.
This News Release is issued pursuant to National Instrument 62-103 - Early Warning System and Related Takeover Bids and Insider Reporting Issues of the Canadian Securities Administrators, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the related early warning report may be obtained from Visionary's SEDAR profile (www.sedar.com) or from Adams at 303-809-4668.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/165729