Proceeds earmarked for exploration and development, working capital
By Devika Patel
Knoxville, Tenn., Oct. 7 - GMV Minerals Inc. said it will sell 11.15 million units on a bought-deal basis in a private placement via a syndicate of underwriters led by Cormark Securities Inc. and including Max Capital Markets Ltd. There is a C$742,500 greenshoe.
The company will raise C$5.02 million by selling the units of one common share and one half-share warrant at C$0.45 apiece. Each whole two-year warrant will be exercisable at C$0.60. The strike price reflects a 21.21% premium to the Oct. 6 closing share price of C$0.495.
Settlement is expected Oct. 27.
Proceeds will be for exploration and development of the company's exploration licenses in Guyana and for general working capital purposes.
Based in Richmond, B.C., GMV explores for minerals.
| Issuer: | GMV Minerals Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$5,017,500
|
| Greenshoe: | C$742,500
|
| Units: | 11.15 million
|
| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
| Agent: | Cormark Securities Inc. (lead), Max Capital Markets Ltd.
|
| Pricing date: | Oct. 7
|
| Settlement date: | Oct. 27
|
| Stock symbol: | TSX Venture: GMV
|
| Stock price: | C$0.495 at close Oct. 6
|
| Market capitalization: | C$7.78 million
|
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