G Mining Ventures Corp. (TSX-V:GMIN) is pleased to announce that it has completed its previously announced bought deal private placement of units with a syndicate of underwriters led by Sprott Capital Partners LP and BMO Capital Markets, and including PI Financial Corp. and Paradigm Capital Inc. Pursuant to the Offering, GMIN has issued an aggregate of 74,224,042 Units at a price of $0.95 per Unit for aggregate gross proceeds of $70,512,839.90, including the exercise by the Underwriters of the over-allotment option to purchase an additional 524,042 Units at the Offering Price.
Each Unit consists of one common share of the Corporation and one-half of one common share purchase warrant. Each Warrant is exercisable to acquire one Common Share at any time until September 15, 2024, at an exercise price of $1.90. If at any time after January 16, 2022, the volume weighted average closing price of the Common Shares on the TSX Venture Exchange or such other stock exchange on which the Common Shares are principally traded is equal to or greater than $3.00 for a period of 10 consecutive trading days, the Corporation may, at its option, elect to accelerate the expiry of the Warrants by the issuance of a press release announcing such acceleration within 10 calendar days following the end of such 10 consecutive trading day period, in which case the Warrants will expire on the date specified in such press release, which shall be not less than 30 calendar days following the issuance of such press release.
In connection with the Offering, the Underwriters received an aggregate fee equal to 5.5% of the gross proceeds from the Offering, Sprott having elected to receive 715,500 Units at the Offering Price in lieu of a portion of the Commission otherwise payable to it. The Corporation intends to use the net proceeds from the Offering for general corporate and working capital purposes.
All Common Shares and Warrants issued pursuant to the Offering are subject to a four-month hold period under applicable securities laws in Canada which expires on January 16, 2022.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereunder.
About G Mining Ventures Corp.
The Corporation is a mineral exploration company which, up until now, has conducted exploration and development of the Cameron Lake Property, located in the west-central part of Québec, and has more importantly pursued its objective of acquiring a significant precious metal asset. Accordingly, in its latest press release dated August 9, 2021, the Corporation announced the signing of a definitive agreement with Eldorado Gold Corporation for the acquisition of the Tocantinzinho Gold Project located in northern Brazil.
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We acknowledge the [financial] support of the Government of Canada.