GMV Minerals (GMV-V) Aug 15, '16 has arranged a non-brokered private placement of up to six million units for gross proceeds of up to $3-million. The private placement offering will be at 50 cents per unit, and will consist of one common share in the capital of the company and one-half share purchase warrant.
Each whole warrant will be exercisable at 65 cents to purchase an additional common share for a period of 18 months following the closing date. All subscriptions for units are anticipated to be completed and accepted by the company on or before Sept. 15, 2016.
The warrant will also include an acceleration clause whereby if the trading price of the issuer's shares on the TSX Venture Exchange for 10 consecutive trading days exceeds $1.00 per share during the exercise period the expiry time of the warrants shall be accelerated, at the option of the company, such that the expiry time will be 30 calendar days. This 30-day period will commence seven calendar days after the 10th premium trading day. The net proceeds of the offering will be used to advance exploration activities at the company's Mexican Hat gold property located in southeast Arizona as well as for general working capital. Finders' fees may be paid on the offering pursuant to the policies of the TSX Venture Exchange.
In addition, the company announces that, subject to TSX Venture Exchange approval, it has granted incentive stock options to various directors, officers and consultants to purchase up to 500,000 common shares exercisable on or before Aug. 15, 2021, at a price of 60 cents per share.
About GMV Minerals Inc.
GMV Minerals Inc. is a publicly traded exploration company focused on developing precious metal assets in Arizona. GMV, through its 100% owned subsidiary, has a 100% interest in a Mining Property Lease commonly referred to as the Mexican Hat project, located in Cochise County, Arizona, USA. The Mexican Hat property contains an inferred mineral resource of 23,452,000 tonnes grading 0.70 grams of gold per tonne hosting 531,400 troy ounces of gold. The project was initially explored by Placer Dome (USA) in the late 1980's to early 1990's. GMV is focused on developing the asset and realizing the full mineral potential of the property through near term gold production.
ON BEHALF OF THE BOARD OF DIRECTORS
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Ian Klassen, President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
GMV Minerals Inc.
Ian Klassen
Tel: (604) 899-0106
Email: info@gmvminerals.com
gmvminerals.com |
