Genesis Metals (GIS-V) March 21, '16 s pleased to announce that further to its news release of March 1st 2016, it has increased and closed its non-brokered private placement. The Company issued 10,050,000 units at $0.10 per unit. Each unit in the private placement is comprised of one common share and one-half of one share purchase warrant with each whole warrant exercisable into one additional common share at a price of $0.20 for a period of two years. The Company also issued 6,500,000 flow-through shares issued at a price of $0.10 per share.
All securities issued in connection with the financing will be subject to a four-month hold period expiring on July 21st, 2016.
The company intends to use the net proceeds from the private placement to advance its 100% owned Chevrier Gold deposit, expenses associated with its recent plan of arrangement and for general working capital purposes.
The company paid commissions to finders under the placement consisting of total cash commissions of $65,040 and the issuance of a total of 650,400 finder warrants. Each finder warrant entitles the holder to purchase one common share of the company at a price of .20 cents per common share for a period of two years.
ON BEHALF OF THE BOARD OF DIRECTORS
"Jeff Sundar"
Jeff Sundar
Executive Vice President and Director
Suite 1500, 409 Granville Street, Vancouver, BC V6C 1T2
Telephone: 604-484-7855 Fax: 604-484-7155
Email: js@genesismetalscorp.com
Website: www.genesismetalscorp.com |
