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Vancouver, British Columbia--(Newsfile Corp. - November 26, 2020) - GMV Minerals Inc. (TSXV: GMV) (OTCQB: GMVMF) (the "Company" or "GMV") is pleased to report that its non-brokered private placement announced on November 23, 2020 has closed with the issuance of 600,000 Units at a price of $0.21 for gross proceeds of $126,000 with all securities issued having a four-month hold period which expires on March 26, 2021.
As previously announced, each Unit in this offering consists of one common share in the capital of the Company (each a "Common Share") and one half of a share purchase warrant (a "Warrant"). Each whole warrant entitles the Unit holder to purchase one (1) additional GMV common share at a price of $0.30 per share at any time within 18 months of the closing. No finder's fees are payable on this financing.
The net proceeds of the Offering will be used to advance exploration activities at the Company's 100% controlled Mexican Hat gold property located in S.E. Arizona as well as for general working capital.
About GMV Minerals Inc.
GMV Minerals Inc. is a publicly traded exploration company focused on developing precious metal assets in Arizona. GMV, through its 100% owned subsidiary, has a 100% interest in a Mining Property Lease commonly referred to as the Mexican Hat Project, located in Cochise County, Arizona, USA. The project was initially explored by Placer Dome (USA) in the late 1980's to early 1990's. GMV is focused on developing the asset and realizing the full mineral potential of the property through near term gold production. The Company recently updated its inferred mineral resource to 36,733,000 tonnes grading 0.58 g/t gold at a 0.2 g/t cut-off, containing 688,000 ounces of gold.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Klassen, President
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.
For further information please contact:
GMV Minerals Inc.
Tel: (604) 899-0106
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES.
This news release may contain forward-looking statements based on assumptions and judgments of management of the Company regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements except as may be required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/69051