GPM Metals Announces Upsize to Previously Announced Non-Brokered Private Placement to Up to C$2.5M
GPM Metals Announces Upsize to Previously
Announced Non-Brokered Private Placement to
Up to C$2.5M
Toronto, Ontario--(Newsfile Corp. - August 19, 2024) -
GPM Metals Inc. (TSXV: GPM) ("
GPM
" or the
"
Company
") is pleased to announce an upsize to its previously announced non-brokered private
placement to up to 41,666,668 units of the Company (the "
Units
") at a price of C$0.06 per Unit for
aggregate gross proceeds of up to approximately C$2,500,000 (the "
Upsized
Offering
"). Each Unit will
consist of one common share of the Company and one-half of one common share purchase warrant of
the Company (each whole common share purchase warrant, a "
Warrant
"). Each Warrant will entitle the
holder thereof to acquire one common share of the Company at a price of C$0.10 for a period of 24
months from the closing of the Upsized Offering.
The proceeds of the Upsized Offering will be used by the Company for exploration efforts at its Walker
Gossan Project located in Australia and for general corporate purposes and working capital.
The Upsized Offering is subject to the receipt of all regulatory approvals including the approval of the
TSX Venture Exchange ("
TSXV
"). All securities issued under the Upsized Offering will be subject to a
hold period expiring four months and one day from the date of issuance. The Upsized Offering is
expected to close on or about August 30, 2024, or such other date as determined by the Company. No
finders' fees are expected to be payable in connection with the Upsized Offering.
Insiders of the Company are expected to subscribe for up to 11,666,667 Units under the Offering. The
insiders' participation in the Offering constitutes a "related party transaction" as defined under
Multilateral Instrument 61-101
Protection of Minority Security Holders in Special Transactions
("
MI 61-
101
"). Such participation is exempt from the formal valuation and minority shareholder approval
requirements of MI 61-101 as neither the fair market value of the securities acquired by the insiders, nor
the consideration for the securities paid by such insiders, exceed 25% of the Company's market
capitalization.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in
the United States or any other jurisdiction. No securities may be offered or sold in the United States or in
any other jurisdiction in which such offer or sale would be unlawful prior to registration under U.S.
Securities Act of 1933 or an exemption therefrom or qualification under the securities laws of such other
jurisdiction or an exemption therefrom.
For further information please contact:
Daniel Noone
Executive Chairman
Telephone: 416 997 7507
Email:
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.
Forward-Looking Statements
Information set forth in this news release involves forward-looking statements under applicable
securities laws. The forward-looking statements contained herein include, but are not limited to, the
anticipated size, terms and completion of the Upsized Offering, the closing date of the Upsized
Offering, the intended use of proceeds and the receipt of TSXV approval, and all such forward-looking
statements are expressly qualified in their entirety by this cautionary statement. The forward-looking
statements included in this news release are made as of the date hereof and the Company 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 expressly required by applicable securities
legislation. Although the Company believes that the expectations represented in such forward-looking
statements are reasonable, there can be no assurance that such expectations will prove to be correct
and, accordingly, undue reliance should not be put on such forward-looking statements. This news
release does not constitute an offer to sell or solicitation of an offer to buy any of the securities
described herein.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/220452