Claude Veillette Acquires Shares of Visible Gold Mines Inc.

ROUYN-NORANDA, QC, May 7, 2020 /CNW Telbec/ - Claude Veillette (the "Acquiror") announces that he has indirectly acquired a total of 2,175,200 common shares of Visible Gold Mines Inc. (the "Corporation") in a share for debt transaction with the Corporation at a deemed price per share of $0.05 (the "Transaction").

Immediately prior to the Transaction, the Acquiror held 1,630,550 common shares and warrants (the "Warrants") entitling the Acquiror to purchase 747,500 common shares of the Corporation. Assuming the exercise of all Warrants held by the Acquiror before the Transaction, the Acquiror would have held 2,378,050 common shares of the Corporation, representing approximately 10.69% of the issued and outstanding common shares of the Corporation.

Immediately following the closing of the Transaction, the Acquiror holds, directly or indirectly, (i) 3,805,750 common shares of the Corporation, representing 14.74% of the issued and outstanding common shares of the Corporation, and (ii) Warrants entitling the Acquiror to purchase up to 747,500 common shares of the Corporation. Assuming the exercise of all Warrants held by the Acquiror, following the closing of the Transaction the Acquiror would own 4,553,250 common shares, representing 17.17% of the Corporation's common shares that would then be issued and outstanding.

The Transaction is a private transaction that did not take place on any market or exchange.

The Acquiror acquired the shares and Warrants described in this press release for investment purposes and in accordance with applicable securities laws, the Acquiror 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 the Corporation in the open market or otherwise, and he reserves the right to dispose of any or all of his 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 the Corporation and other relevant factors.

The shares described in this press release were acquired by 7753004 Canada Inc., a company controlled by Claude Veillette.

A copy of the early warning report to be filed by the Acquiror in connection with the Transactions described above will be available on SEDAR under the Corporation's profile. This news release is issued under the early warning provisions of the Canadian securities legislation.

SOURCE Visible Gold Mines Inc.

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