GMV Minerals closes $450,000 private placement

Jun 24, 2022

2022-06-23 17:23 ET – News Release

Mr. Ian Klassen reports

GMV MINERALS INC. CLOSES NON-BROKERED FINANCING

GMV Minerals Inc. has closed its non-brokered private placement with the issuance of 4.5 million units at a price of 10 cents per unit for gross proceeds of $450,000 with all securities issued having a four-month hold period which expires on Oct. 24, 2022.

Each unit in this offering consists of one common share in the capital of the company and one share purchase warrant. Each warrant entitles the unit holder to purchase one additional GMV common share at a price of 16 cents per share at any time within 24 months of the closing. Finders’ fees in the amount of cash $2,400 and 24,000 warrants (with the same terms) are payable on this financing. Insiders of the company will be participating in the private placement for $125,000 (about 1.25 million units).

The net proceeds of the offering will be used to advance activities at the company’s 100-per-cent-controlled Mexican Hat gold property located in southeast Arizona as well as for general working capital.

About GMV Minerals Inc.

GMV Minerals is a publicly traded exploration company focused on developing precious metal assets in Arizona. GMV, through its 100-per-cent-owned subsidiary, has a 100-per-cent interest in a mining property lease commonly referred to as the Mexican Hat property, located in Cochise county, Arizona, United States. The project was initially explored by Placer Dome (U.S.) in the late 1980s to early 1990s. GMV is focused on developing the asset and realizing the full mineral potential of the property through near-term gold production. GMV recently updated its National Instrument inferred mineral resource to 36,733,000 tonnes grading 0.58 gram per tonne gold at a 0.2 g/t cut-off, containing 688,000 ounces of gold.

We seek Safe Harbor.

https://www.gmvminerals.com/