GPM Metals Announces Closing of Private Placement to Raise $600,000
TORONTO, August 9, 2019 — GPM Metals Inc. (“GPM” or the “Company“) (TSXV:GPM) is pleased to announce that it has closed its previously announced non-brokered private placement (the “Offering”), pursuant to which it has issued an aggregate of 8,000,000 units (“Units”) at a price of $0.075 per Unit to raise aggregate gross proceeds of $600,000. Each Unit consists of one common share of the Company (a “Share”) and one Share purchase warrant (a “Warrant”), with each such Warrant exercisable to acquire one additional Share at an exercise price of $0.10 for a period of 36 months from the closing of the Offering. Insiders purchased an aggregate of 4,800,000 Units in the Offering.
In connection with the Offering, the Company paid cash commission of $7,485 and issued an aggregate of 91,800 broker warrants to eligible registrants assisting in connection with the Offering, with each such broker warrant entitling the holder thereof to acquire one Share at an exercise price of $0.10 for a period of 36 months from the closing of the Offering.
All securities issued and issuable pursuant to the Offering are subject to a statutory hold period expiring December 10, 2019. The Offering remains subject to the final approval of the TSXV.
For further information please contact:
Peter Mullens, CEO
GPM Metals Inc.
Suite 1101- 141 Adelaide Street West,
Toronto, Ontario M5H 3L5
Telephone: + 416 628 5904