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Sept. 28, 2011 /PRNewswire/ -- Vista Gold Corp. (TSX & NYSE Amex Equities: VGZ) ("
Vista" or the "
Corporation") is advising warrant holders today that the first year exercise price of
US$3.50 per share for the warrants issued pursuant to the Corporation's
October 2010 private placement (TSX: VGZ.WT.U) will expire at
4:30 p.m. (
Vancouver time) on
October 22, 2011. After such time, the exercise price will automatically increase to
US$4.00 per share for the following one-year period. The exercise prices and expiration dates were established as part of the private placement of Special Warrants of the Corporation that closed on
October 22, 2010. Upon receipt of shareholders' approval of the private placement on
December 15, 2010, each Special Warrant was automatically exercised, for no additional consideration, for one Common Share of the Corporation and one Common Share purchase warrant of the Corporation (a "Warrant"). Each Warrant is exercisable over a five-year period to purchase one Common Share (a "Warrant Share") at a purchase price of
US$3.50 during the first year,
US$4.00 during the second year,
US$4.50 during the third year and
US$5.00 thereafter until the expiry of the Warrants on
October 22, 2015. If the closing price of the Common Shares on the NYSE Amex Equities Stock Exchange is at least 35% above the current exercise price of the Warrants for a period of 15 consecutive trading days, then Vista will have the option to request that the Warrants be exercised. If the Warrants are not exercised within 25 business days following such request, they will be cancelled.
The Warrants are freely tradable pursuant to a Registration Statement on Form S-3 (333-172826) which the Corporation filed with the United States Securities and Exchange Commission (the "Registration Statement").