Geonovus Increases Financing
Suite 1220, 789 West Pender St. Vancouver, British Columbia Phone: 604-683-3995 / Toll Free: 1-888-945-4770 / Fax: 604-683-3988
GEONOVUS INCREASES FINANCING
August 8th, 2014, VANCOUVER, B.C. – GEONOVUS MINERALS CORP. (GNM - TSX.V) (GMINF – USA) (“GeoNovus” or the “Company”) announces it is increasing the size of the previously announced financing (see pr dated July 18, 2014) of up to 11 million units at a price of $0.05 per unit for gross proceeds of up to $550,000. The financing is being increased up to 17 million units at a price of $0.05 for gross proceeds of up to $850,000.
Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase an additional share at a price of $0.10 per share for 24 months. The warrants issued with the units sold will be subject to an acceleration provision. After four months have elapsed from closing, if the Company’s shares trade above $0.15 for 20 consecutive trading days, the Company has the option to provide notice to the warrant holders that their warrants will expire if they are not exercised within 30 days.
The proceeds from the private placement will be used for general working capital and potential acquisitions.
Finder's fees may be payable on the private placement.
The private placement is subject to the acceptance for filing of the TSX Venture Exchange.
ON BEHALF OF THE BOARD
Michael England, President
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-604-683-3995 Toll Free: 1-888-945-4770 Facsimile: 1-604-683-3988 www.geonovusminerals.com [email protected]
Forward-Looking Statement:
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of GeoNovus Minerals Inc. Actual results may differ materially from those currently anticipated in such statements. 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.