Vista Gold Corp. (NASDAQ: VGZ) stock declined by 5.51% at the last close whereas the VGZ stock fell by 10.83% during the after-hour session. Vista Gold is in the business of developing gold projects. Their main asset is the Mt Todd gold mine in Australia’s Northern Territory. Mt Todd is Australia’s biggest undeveloped gold prospect.
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What is happening?
Vista Gold Corp. is delighted to announce that it has signed an underwriting agreement with a syndicate of underwriters, having H.C. Wainwright & Co. serving as the underwriters’ exclusive book-running manager and agent. Under the terms of this agreement, the underwriters have committed to acquire 7,272,728 units of VGZ in a public offering on a firm commitment basis at a public offering price of US$1.10 per unit, minus underwriting discounts and fees, for estimated gross proceeds of US$8,000,000.
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One common share in VGZ’s capital and one-half of a Common Share purchase warrant make up each Unit. Each Warrant will be valid for 36 months from the date of issuance and will enable the owner to acquire one Common Share at an exercise price of US$1.25 per Common Share.
Recent Development
The test results for drilling at VGZ’s Mt Todd gold property have been released. Four further holes north of the Batman deposit have been drilled, demonstrating that Vista’s model of the governing structures is accurate in forecasting where mineralization is most likely to occur.
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As per the findings,
- VB21-006 – includes two near-surface intercepts, included 6.0 meters at 1.58 g Au/t and 3.2 meters at 1.39 g Au/t.
- VB21-007 – includes three near-surface intercepts of 2.5 meters at 1.77 g Au/t, 0.3 meters at 10.93 g Au/t, and 6.7 meters at 0.93 g Au/t, as well as a deeper intercept of 3.2 meters at 1.57 g Au/t.
- VB21-008 – 8.5 meters @ 1.89 g Au/t, 1.5 meters @ 7.24 g Au/t, and 7.1 meters @ 2.39 g Au/t are three deeper intercepts.
- 5 meters @ 1.88 g Au/t, 2.2 meters @ 1.10 g Au/t, and 1.1 meters @ 5.15 g Au/t are among the three intercepts at 1.1 g Au/t or greater in VB21-009.