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Title : Victoria Gold (VIT.v) is a joke
link : Victoria Gold (VIT.v) is a joke

Victoria Gold (VIT.v) is a joke

Are these people serious?

TORONTO, March 12, 2019 (GLOBE NEWSWIRE) -- Victoria Gold Corp. (TSX.V-VIT) (Victoria or the “Company”) has announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, under which the underwriters have agreed to buy on a bought deal basis, a combination of common shares (the “Common Shares”) and flow-through common shares (the “Flow-Through Common Shares” and together with the Common Shares, the “Securities”) to provide the Company with gross proceeds of at least approximately C$30 million (the “Offering”). The Common Shares will be offered at a price of C$0.44 per Common Share, with minimum gross proceeds of C$30,008,000 and maximum gross proceeds of C$32,555,900. The Flow-Through Common Shares will be offered at a price of C$0.53 per Flow-Through Common Share with up to C$15,004,300 of gross proceeds. In the event that no Flow-Through Common Shares are subscribed for, the Underwriters have agreed to buy the number of Common Shares to provide the Company with gross proceeds of approximately $30 million. The Company has granted the Underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Common Shares to cover over-allotments, if any. The Offering is expected to close on or about April 2, 2019 and is subject to Victoria receiving all necessary regulatory approvals.
The net proceeds from the sale of the Common Shares will be used for construction and operations of the Eagle Gold Mine and general corporate purposes.

Let us recall, this is the very same company which sold its project via a Feasibility Study (a full FS, not a PEA or PFS) by saying it would cost C$369m to build.

That then went and raised C$505m to build its mine after spending around C$38m on its build, which means it was C$174m over budget before we were out the blocks.

And now requires another C$30m on top of that to do the job. Again, we're still not there yet and the chances are high they'll top up again before ever going cash flow positive. Now with a massive debt pile, a 5% NSR to pay on production and a share count moving to over 850m, just another example of the utter BS that passes for normal business practice in the world of mining. 

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