GMV Minerals Inc. Announces Non-Brokered Financing
Vancouver, British Columbia--(Newsfile Corp. - April 14, 2020) - GMV Minerals Inc. (TSXV: GMV) (the "Company" or "GMV") is pleased to announce a non-brokered private placement of up to 11,250,000 Units (the "Units"). The private placement offering (the "Offering") will be at $0.08 (CAD) per Unit, and will consist of one common share in the capital of the Company ("Common Share") and one half of a share purchase warrant ("Warrant").
Each full Warrant will be exercisable at $0.16 (CAD) to purchase an additional common share ("Warrant 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 April 30th, 2020. The warrants 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 (the premium trading days) exceeds $0.25 per share during the exercise period, the expiry time of the warrants shall be accelerated 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 100% controlled Mexican Hat gold property located in S.E. Arizona as well as for general working capital. Finder's fees may be paid on the Offering pursuant to the policies of the TSX Venture Exchange.
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 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. In mid 2018, the Company updated its inferred mineral resource to 32,876,000 tonnes grading 0.616 g/t gold at a 0.2 g/t cut-off, containing 651,000 ounces of gold. In December 2018, the Company filed on SEDAR a National Instrument 43-101 (NI 43-101) preliminary economic assessment (PEA) technical report for the Mexican Hat Gold Project. The PEA is entitled "Mexican Hat Project, NI 43-101 Technical Report, Preliminary Economic Assessment" and is available on the company's website.
ON BEHALF OF THE BOARD OF DIRECTORS
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.
Tel: (604) 899-0106
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES -
This news release may contain forward-looking statements based on assumptions and judgments of management of the Company regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements except as may be required by law.
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