GR Silver Mining Closes First Tranche of Non- Brokered Private Placement Financing
GR Silver Mining Closes First Tranche of Non-
Brokered Private Placement Financing
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
./
VANCOUVER, BC
,
Aug. 10, 2023
/CNW/ -
GR Silver Mining Ltd.
("GR Silver Mining" or the
"Company") (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – is pleased to announce it has
closed the first tranche (the "
First Tranche"
) of its non-brokered private placement (the "
Offering
")
previously announced on
July 31, 2023
(see
News Release
). Under the First Tranche, the Company
has issued 6,597,500 Units for gross proceeds of
$329,875
. In connection with the First Tranche,
the Company paid a total of
$8,100
and issued a total of 162,000 warrants as finder's fees. Each
finder's warrant is exercisable for one common share at a price of
$0.08
for two years.
All securities issued under the First Tranche are subject to a hold period expiring
December 10,
2023
, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.
A director and officer of the Company (the "
Insider
") participated in the First Tranche and purchased
an aggregate of 510,000 Units for aggregate gross proceeds of
$25,500
. Participation by the
Insider in the private placement is considered a "related party transaction" pursuant to Multilateral
Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101").
The Company is exempt from the requirements to obtain a formal valuation and minority shareholder
approval in connection with the Insider's participation in the private placement in reliance of sections
5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that participation in the Offering by the
Insider did not exceed 25% of the fair market value of the Company's market capitalization. The
Company did not file a material change report at least 21 days prior to the closing of the Offering,
as the participation of the Insiders had not been confirmed at that time.
CEO and Chair
Eric Zaunscherb
commented, "We are very grateful to our shareholders, old and
new, for their support in completing the First Tranche of this Offering in this challenging market. We
are confident that additional commitments made and expressions of interest received will help us
achieve our goal with the next tranche. Management continues to be excited by the progress being
made at the Plomosas Project in
Sinaloa, Mexico
. We are very proud of the team that is responsible
for this progress and achievements at the Plomosas Project."
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 07:00e 10-AUG-23