GR Silver Mining Completes $3.03 Million Non- Brokered Private Placement Financing
GR Silver Mining Completes $3.03 Million Non-
Brokered Private Placement Financing
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES or for DISSEMINATION
IN
THE UNITED STATES
/
VANCOUVER, BC
,
Feb. 16, 2023
/CNW/ -
GR Silver Mining Ltd.
("GR Silver Mining" or the
"Company") (TSXV: GRSL) (OTCQB: GRSLF) (FRA: GPE) – is pleased to announce it has
increased and closed its non-brokered private placement (the "
Offering
") initially announced on
January 31
, 2023. Under the Offering, the Company has issued 30,300,000 units for gross
proceeds of
$3,030,000
.
CEO and Chair
Eric Zaunscherb
commented, "We are very grateful to our shareholders, both
existing and new, for their support in completing this Offering, as well as the assistance of our
capital markets partners. Management has been very pleased to see the progress being made at
our Plomosas Project in
Sinaloa, Mexico
, and is very proud of the team on site that is responsible for
this progress. We look forward to releasing the results of our updated mineral resource estimate
before the end of this quarter as anticipated."
In connection with the Offering, the Company paid a total of
$116,940
and issued a total of
1,169,400 warrants as finder's fees. Each finder's warrant is exercisable for one common share at
a price of
$0.15
for two years; except that, if the closing price of the Company's common shares on
the TSX Venture Exchange ("
TSXV
") is equal to or exceeds
$0.30
for ten consecutive trading days,
then the Company may anytime thereafter accelerate the expiry date of the warrants such that the
new expiry date will be the tenth day following the date on which the Company issues notice to all
the warrant holders of the new expiry date.
All securities issued under this private placement are subject to a hold period expiring
June 15, 2023
,
in accordance with applicable securities laws and the policies of the TSXV.
Certain directors and officers of the Company (the "
Insiders
") participated in the Offering and
purchased an aggregate of 2,510,000 units for aggregate gross proceeds of
$251,000
. Participation
by Insiders 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 Insiders' 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 Insiders 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 participation of the Insiders had not been confirmed at that time.
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 square kilometres of concessions containing several structural corridors totaling
over 75 kilometres in strike length.
GR Silver Mining Ltd.
Eric Zaunscherb
Chairman & 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:
Brenda Dayton, VP Corporate Communications, Telephone:
+1.604.417.7952, Email: [email protected]
CO: GR Silver Mining Ltd.
CNW 17:15e 16-FEB-23