GR Silver Mining Announces up to $1.76 Million Private Placement Financing
GR Silver Mining Announces up to $1.76
Million Private Placement Financing
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
./
VANCOUVER, BC
,
Sept. 9, 2024
/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 11 million units (each, a "
Unit
"), at a
purchase price of
$0.16
per Unit, to raise total gross proceeds of up to
$1.76 million
(the
"
Offering
"). Each Unit will consist of one common share of the Company and one-half common
share purchase warrant. Each whole warrant will entitle the holder to purchase one common share
of the Company at a price of
$0.22
at any time on or before that date which is 24 months after the
closing date of the Offering.
The gross proceeds received from the sale of the Units will be used for exploration targeting
resource expansion in the San Marcial Area of the Plomosas Project and for general working capital.
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.
As part of an ongoing transformation, GR Silver Mining has successfully:
As outlined in the Company's Management Discussion and Analysis ("
MDA
") for the period
ended
June 30, 2024
, available on sedarplus.ca, our exploration team, together with the
assistance of renowned geological experts, has completed a full review of the exploratory
geological, geochemical and geophysical data collected to date in the San Marcial Area. We
are refining our exploratory model targeting wide, high-grade silver mineralization hosted in
hydrothermal breccias. This approach previously resulted in the SE Discovery in the San Marcial
Area, where drill hole SMS22-10 intersected
101.6 m
at 308 g/t Ag, including multiple intervals
grading over 1,000 g/t Ag, and drill hole SMS22-20 intersected
83.2 m
at 215 g/t Ag. As noted
in the MDA, the occurrence of a geological setting similar to the SE Discovery has been
confirmed to the west of and northwest of the San Marcial Resource Area that will be the object
of exploration in the upcoming months.
Closed the arm's-length disposition of a subsidiary eliminating most of the Company's working
capital deficit without diminishing its resource inventory, thus allowing it to focus on resource
growth and the potential development of the Company's core Plomosas Project (see release,
July 17, 2024
).
Embarked on a program of bulk sampling test mining at the San Juan historical mine site, which
has provided the Company with an efficient and effective exploration platform and valuable
geological information to assist in future exploration (see release,
March 4, 2024
).
Executed a Waiver and Release Agreement with Mako Mining Corp. ("
Mako
"), pursuant to
which Mako paid to GR Silver Mining a total of
USD$960,000
, satisfied in full by the payment to
GR Silver Mining of
USD$500,000
cash and the issuance and delivery to GR Silver Mining of
296,710 common shares of Mako at a then deemed price of
$2.1007
per share (
US$460,000
;
C$623,300
). (See release,
April 1, 2024
).
Welcomed two new highly skilled and respected directors by appointment to its Board of
Directors, Mr. Brent McFarlane and Ms.
Jessica van den Akker
, positioning the Company for
resource growth supported by ongoing exploration in the San Marcial Area (see release,
August 6, 2024
).
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
Plomosas Project. 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:
For further information, please contact: Eric Zaunscherb, Telephone:
+1.647.293.8457, Email: [email protected]
CO: GR Silver Mining Ltd.
CNW 07:30e 09-SEP-24