VANCOUVER, BC, May 17, 2019 – GMV Minerals Inc. (the “Company” or “GMV”) (TSX-V:GMV) is pleased to announce that its non-brokered private placement of up to 4,600,000 Units announced on April 25, 2019 has been over-subscribed and will close, subject to TSX Venture Exchange approval, with the issuance of 7,765,000 Units at a price of $0.11 for gross proceeds of $854,150.
The private placement Offering will consist of one common share in the capital of the Company and one full share purchase warrant. Each Warrant will be exercisable at $0.15 (CAD) to purchase an additional common share for a period of 24 months following the Closing Date.
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. Finder’s fees may be paid on the Offering pursuant to the policies of the TSX Venture Exchange.
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. In mid 2018, the Company updated its inferred mineral resource to 32,876,000 tonnes grading 0.616 g/t gold at a 0.2 g/t cut-off, containing 651,000 ounces of gold. In December 2018, the Company filed on SEDAR a National Instrument 43-101 (NI 43-101) preliminary economic assessment (PEA) technical report for the Mexican Hat Gold Project. The PEA is entitled “Mexican Hat Project, NI 43-101 Technical Report, Preliminary Economic Assessment” and is available on the company’s website.
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.