Vior Announces the Completion of an in Specie Dividend Distribution of Common Shares of Aurvista Gold Corporation
QUÉBEC CITY, QUÉBEC--(Marketwired - March 20, 2017) - Société d'exploration minière Vior Inc. (TSX VENTURE:VIO)(FRANKFURT:VL5) ("Vior" or the "Company") announces that it has completed today the previously announced in-specie dividend distribution (the "Dividend") of an aggregate of 13,796,795 common shares of Aurvista Gold Corporation ("Aurvista") (see the Company's news release dated March 7, 2017 for more details on the Dividend).
Based on the closing price of the common shares of Aurvista on the TSX Venture Exchange on March 17, 2017, the value of the Dividend is Cad$0.345 per common share of Aurvista received by a Vior shareholder. As stated in its March 7th news release, the Company has designated the Dividend as an eligible dividend for the purposes of the Income Tax Act (Canada). Vior shareholders are cautioned to seek the advice of their own tax and legal advisors.
Immediately prior to the completion of the Dividend, Vior held, directly or indirectly, (i) 20,485,800 common shares of Aurvista and (ii) common share purchase warrants entitling Vior to purchase 800,000 common shares of Aurvista. Assuming the exercise of all warrants held by Vior prior to the completion of the Dividend, it would have owned 21,285,800 common shares of Aurvista, representing, on a partially diluted basis, 15.8808% of the Aurvista's common shares that would then be issued and outstanding.
Immediately following the completion of the Dividend, assuming (i) the exercise of all warrants held by Vior and (ii) the return to Vior of common shares of Aurvista given that no fractional shares were distributed (and rounded down to the nearest whole number) in connection with the Dividend, it would own 7,510,442 common shares of Aurvista, representing, on a partially diluted basis, 5.6% of Aurvista's common shares that would then be issued and outstanding. As such, Vior is no longer an insider of Aurvista under applicable securities laws.
Vior disposed of the 13,796,795 common shares of Aurvista described in this press release as since receiving the common shares of Aurvista in August 2011 following the sale by Vior of the Douay Gold Project to Aurvista, it has always been the Company's intention to distribute a maximum number of such common shares of Aurvista to Vior shareholders following their release from escrow under applicable securities laws and, in accordance with such applicable securities laws, Vior may, from time to time and at any time, acquire additional shares and/or other equity, debt or other securities or instruments (collectively, "Securities") of Aurvista in the open market or otherwise, and it reserves the right to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Aurvista and other relevant factors.
A copy of the early warning report to be filed by Vior in connection with the Dividend described above will be available on SEDAR under Aurvista's profile. This news release is issued under the early warning provisions of the Canadian securities legislation.
Vior's strategy is to generate, explore and develop quality projects in the best proven and accessible mining areas. Vior currently owns approximately 6.7 million common shares of Aurvista Gold Corporation (TSX VENTURE:AVA), the owner of the Douay gold project.
SEDAR: Société d'exploration minière Vior inc.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts the responsibility for the adequacy or accuracy of this release.
Web site: www.vior.ca
Societe d'exploration miniere Vior