Viva Gold Announces Repricing of Financing

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VANCOUVER, BC / ACCESSWIRE / June 17, 2021 / Viva Gold Corp. ("Viva" or the "Company") (TSXV:VAU) announces that it has repriced its brokered private placement announced on May 5, 2021 and upsized by announcement on May 7, 2021. Pursuant to the amended terms, Research Capital Corporation will act as sole agent and sole bookrunner (the "Agent") in connection with this best efforts, private placement offering of units of the Company (the "Units") at a price of $0.17 per Unit (the "Offering Price") for aggregate gross proceeds of up to $4,000,000 (the "Offering").

Each Unit will be comprised of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant shall be exercisable to acquire one Common Share (a "Warrant Share") at a price of $0.25 per Warrant Share for a period of 36 months from the closing of the Offering.

The Agent will have an option (the "Agent's Option") to offer for sale up to an additional 15% of the number of Units sold in the Offering at the Offering Price, which Agent's Option is exercisable, in whole or in part, at any time up to 48 hours prior to the closing of the Offering.

The Company intends to use the net proceeds from the Offering for working capital requirements and other general corporate purposes, including technical study on the Tonopah Gold project. Technical study at the Tonopah gold project is expected to include both infill and step out drilling, metallurgical and baseline environmental study, and the initiation of pre-feasibility/feasibility study for the project.

"This repricing is made in reaction to the recent decline in Viva share price due to a combination of declining gold markets and third-party actions that have delayed the Company's financing effort", states James Hesketh, President & CEO.

The securities to be issued under the Offering will be offered by way of private placement in each of the provinces of Canada, and such other jurisdictions as may be determined by the Company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws.

The Offering is scheduled to close on or about the week of June 21, 2021, or such earlier or later date as agreed upon between the Company and the Agent (the "Closing") and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange ("TSXV"). The Units to be issued under the Offering will have a hold period of four months and one day from Closing. In addition, it remains a TSXV condition of the Offering that, as announced on June 11, 2021, the voting securities placed in the Offering, including, any Warrant Shares, and any Viva voting securities issued to the Agent in payment of Offering fees or commissions upon exercise of any compensation options issued to the Agent, will be excluded from the voting at the Viva special meeting scheduled for August 17, 2021 or any meeting of the Company's shareholders held in lieu thereof.