Genesis Welcomes New Advisors and Announces Strategic Private Placement
Vancouver, British Columbia--(Newsfile Corp. - November 21, 2018) - Genesis Metals Corp (TSXV: GIS) ("Genesis" or the "Company") today announced the appointment of Dr. Robert Carpenter, Dr. Andrew J. Ramcharan and Mr. Garrett Ainsworth as Advisors to the Company along with a strategic private placement financing.
"We are proud and excited to have these exceptional gentlemen join the Genesis team as Strategic Advisors. We believe their extensive experience and success in exploration discovery, resource expansion, capital markets, and M&A will help unlock significant value at the Chevrier gold project for all Genesis shareholders," stated Genesis Metals President, Jeff Sundar.
Dr. Carpenter is a Professional Geoscientist with over 25 years of technical and executive experience and was co-founder, President and CEO of Kaminak Gold Corporation from 2005 to 2013. In that time Rob led the company through the acquisition, discovery and maiden resource of the multi-million ounce Coffee Gold Project, located in the White Gold District, Yukon. Kaminak was subsequently acquired by Goldcorp Inc in 2016 for $520M. He completed his Ph.D. at the University of Western Ontario in 2004 where he worked on the newly discovered Meliadine Lake gold deposits in Nunavut Territory that are currently being advanced to production by Agnico Eagle. Rob is also an active Director of White Gold Corp.
Dr. Ramcharan has over 18 years of experience in operations, project evaluation, mergers and acquisitions, corporate development, project finance and investor relations. He was Managing Director of Project Evaluation for both debt and equity financings at Sprott Inc. and was previously with IAMGOLD performing work related to M&A. Dr. Ramcharan is P.Eng (Ontario) and Fellow of AusIMM. Dr. Ramcharan is a graduate of the Colorado School of Mines and Harvard University's Continuing Education program.
Mr. Ainsworth is the President, CEO, and Director of MK2 Ventures Ltd. Prior to MK2, Garrett was the Vice President Exploration and Development for NexGen Energy Ltd. from June 2014 to April 2018. He led the technical team with the rapid expansion of NexGen's Arrow Uranium Deposit, as well as multiple high-grade uranium discoveries on the Rook I property in the Athabasca Basin, Saskatchewan. Mr. Ainsworth was co-recipient of the PDAC Bill Dennis Award in March 2018 for the discovery and development of the Arrow Deposit. Before NexGen, Mr. Ainsworth was co-recipient of the AME BC Colin Spence Award in 2013. This honour was in recognition of his efforts which led to the discovery of the high-grade uranium mineralized system on the Patterson Lake South Project in the Athabasca Basin, Saskatchewan.
Genesis will conduct a non-brokered private placement consisting of a combination of flow-through shares ("FT") at a price of $0.09 per FT share with no warrant and units ("Units") at a price of $0.07 per Unit for total gross proceeds of $350,000. Each FT share will consist of one "flow-through" common share and no warrant. Each Unit will consist of one common share and one-half of one share purchase warrant, and each whole such warrant will be exercisable to acquire one additional common share of the Company at a price of $0.10 for a period of two years from closing.
The proceeds from the issuance of the FT shares will be used to incur exploration expenses on the Company's Chevrier Gold deposit in Quebec, and the proceeds from the Units will be used by the Company for general working capital. The closing of the private placement is subject to TSX Venture Exchange approval. The Company may pay a finder's fee in connection certain portions of the private placement. Dr. Carpenter, Dr. Ramcharan and Mr. Ainsworth will participate for a portion of the placement.
About Genesis Metals
The Company is focused on advancing the Chevrier Gold Project located 35 km southwest of Chibougamau, Quebec. The Project is located along the Fancamp Deformation Zone, 15 km northeast of the high-grade Monster Lake gold deposit and 15 km northwest of the past producing high-grade Joe Mann gold mine.
Genesis also owns 100% the 203 km2 October Gold project located in the southern Swayze greenstone belt in Benton Township, Ontario. This project is located 35 km northwest of IAMGold and Sumitomo Mining's Cote Lake deposit and 50km southeast of Goldcorp's Borden gold deposit.
ON BEHALF OF THE BOARD
CEO and Director
President and Director
Neither the 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.
Certain disclosure in this release, including statements regarding the intended use of proceeds from the private placement, constitute forward-looking information or statements (collectively, "forward-looking statements") for the purpose of applicable securities laws. In making the forward-looking statements, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals required to complete the Company's planned exploration and development activities, that the Company is able to procure personnel, equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that the Company will be unable to obtain required regulatory approvals on a timely basis or at all, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.