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G Mining Ventures Announces C$70 Million Bought Deal Private Placement
BROSSARD, Québec, Aug. 19, 2021 (GLOBE NEWSWIRE) -- G Mining Ventures Corp. (TSX-V: GMIN) (“GMIN” or the “Corporation”) is pleased to announce that it has enter
About this update from G Mining Ventures Corp
[{"type":"text","content":" BROSSARD, Québec, Aug. 19, 2021 (GLOBE NEWSWIRE) -- G Mining Ventures Corp. (TSX-V: GMIN) (“GMIN” or the “Corporation”) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Sprott Capital Partners LP and BMO Nesbitt Burns Inc. (collectively, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase 73,700,000 units of the Corporation (the “Units”) at a price of C$0.95 per Unit on a “bought deal” private placement basis (the “Offering”) for aggregate gross proceeds of C$70,015,000 to the Corporation. Each Unit shall be comprised of one common share in the capital of the Corporation (each a “Common Share”) and one half of one Common Share purchase warrant (each a “Warrant”). Each whole Warrant shall be exercisable into one Common Share at a price of C$1.90 at any time on or before the date which is 36 months after the closing date of the Offering, provided that if the volume weighted average closing price of the Common Shares of the Corporation on the TSX Venture Exchange or such other stock exchange on which the Common Shares are traded is equal to or greater than C$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 providing notice to the holders thereof 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 notice, which shall be not less than 30 calendar days following delivery of such notice. The Corporation has granted the Underwriters an option (the “Over-Allotment Option”), on the same terms and conditions as the Offering, exercisable until the third business day prior to the closing date of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. If the Over-Allotment Option is exercised in full, the aggregate gross proceeds to the Corporation of the Offering would be C$80,500,000. The net proceeds raised from the sale of Units will be used for general corporate and working capital purposes. The Offering is scheduled to close on or about September 9, 2021 and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of lis...