GR Silver Mining Announces up to $1.2 Million Private Placement Financing
GR Silver Mining Announces up to $1.2 Million
Private Placement Financing
/Not for distribution to
United States
newswire services or for dissemination in
the United States
./
VANCOUVER, BC
,
Oct. 24, 2023
/CNW/ -
GR Silver Mining Ltd.
("GR Silver Mining" or the
"Company") (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – announces that it proposes
to undertake a non-brokered private placement of up to 30 million units (each, a "
Unit
"), at a
purchase price of
$0.04
per Unit, to raise total gross proceeds of up to
$1.2 million
(the
"
Offering
"). Each Unit will consist of one common share of the Company and one common share
purchase warrant. Each warrant will entitle the holder to purchase one common share of the
Company at a price of
$0.07
for three years. In accordance with the policies of the TSX Venture
Exchange ("TSXV"), the Company is relying on a minimum pricing exception to issue securities at
less than
$0.05
per listed security.
The proposed use of proceeds from the Offering is: (i) approximately 29% of the gross proceeds of
the Offering will be used to pay outstanding amounts currently owing to persons who are arm's
length to the Company; (ii) approximately 4% of the gross proceeds will be used to pay outstanding
amounts owing to management and directors of the Company; and (iii) the balance of the proceeds
will be used to fund general working capital. No proceeds under the Offering are expected to be
paid to persons conducting Investor Relations Activities (as such term is defined in TSXV policies).
The Units will be offered to qualified investors in reliance upon exemptions from the prospectus and
registration requirements of applicable securities legislation. The Company will pay finders' fees to
eligible finders in connection with the Offering, subject to compliance with applicable securities laws
and the policies of the TSXV.
All securities issued and sold under the Offering will be subject to a hold period expiring four months
and one day from their date of issuance. Completion of the Offering and the payment of any finders'
fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the
TSXV.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in
the United States of America
. The securities have not been and will not be registered
under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and
may not be offered or sold within
the United States
or to U.S. Persons (as defined in the 1933 Act)
unless registered under the 1933 Act and applicable state securities laws, or an exemption from
such registration is available.
About GR Silver Mining Ltd
.
GR Silver Mining is a Canadian-based,
Mexico
-focused junior mineral exploration company engaged
in cost effective silver-gold resource expansion on its 100%-owned assets, located on the eastern
edge of the Rosario Mining District, in the southeast of Sinaloa State,
Mexico
. GR Silver Mining
controls 100% of two past producer precious metal underground and open pit mines, within the
expanded Plomosas Project, which includes the integrated San Marcial Area and
La Trinidad
acquisition. In conjunction with a portfolio of early to advanced stage exploration targets, the
Company holds 734 km
2
of concessions containing several structural corridors totaling over 75 km in
strike length.
GR Silver Mining Ltd.
Eric Zaunscherb, Chair & CEO
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking statements" within the meaning of applicable
Canadian securities legislation and information that are based on the beliefs of management and
reflect the Company's current expectations. When used in this press release, the words "estimate",
"project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the
negative of these words or such variations thereon or comparable terminology are intended to
identify forward-looking statements and information. Such statements and information reflect
the current view of the Company. Risks and uncertainties may cause actual results to differ
materially from those contemplated in those forward-looking statements and information. By their
nature, forward-looking statements involve known and unknown risks, uncertainties and other
factors which may cause our actual results, performance or achievements, or other future events,
to be materially different from any future results, performance or achievements expressed or
implied by such forward-looking 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 press release.
SOURCE
GR Silver Mining Ltd.
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For further information:
Eric Zaunscherb, Telephone: +1.647.293.8457, Email:
CO: GR Silver Mining Ltd.
CNW 16:09e 24-OCT-23