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G Mining Ventures Announces Closing of First Tranche of Private Placement Financing
All amounts are in US dollars unless stated otherwise BROSSARD, QC / ACCESSWIRE / July...
About this update from G Mining Ventures Corp
[{"type":"text","content":"G Mining Ventures Announces Closing of First Tranche of Private Placement FinancingAll amounts are in US dollars unless stated otherwiseBROSSARD, QC / ACCESSWIRE / July 22, 2022 / G Mining Ventures Corp. (\"GMIN\" or the \"Corporation\") (TSXV:GMIN) (OTCQX:GMINF) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement financing (the \"Offering\") for gross proceeds of $98.5 million (the \"First Tranche\").Pursuant to the First Tranche, the Corporation issued 160,062,500 GMIN common shares at a price of C$0.80 per share, to the following investors:82,875,000 common shares to La Mancha Investments S.à r.l. (\"La Mancha\")44,687,500 common shares to Franco-Nevada Corporation (\"Franco-Nevada\")32,500,000 common shares to Eldorado Gold Corporation (\"Eldorado Gold\")La Mancha, Franco-Nevada and Eldorado Gold now hold 19.8%, 10.7% and 19.0% of GMIN's outstanding common shares, respectively. All of the common shares sold pursuant to the First Tranche are subject to a hold period which will expire on November 23, 2022 in accordance with applicable Canadian securities laws.Additionally, pursuant to the previously announced $75.0 million Term Loan facility, Franco-Nevada has been issued 11.5 million common share purchase warrants (the \"Warrants\"). Each Warrant entitles the holder to purchase one common share of the Corporation at an exercise price of C$1.90 per common share until July 21, 2027. The Warrants are subject to an acceleration clause whereby if the volume-weighted average trading price of GMIN common shares on the TSX Venture Exchange (the \"TSXV\") is C$3.00 or greater for a period of ten (10) consecutive trading days, GMIN has the right to accelerate the expiry date of the Warrants to 30 days from the date of delivery of a notice by GMIN to Franco-Nevada announcing the accelerated exercise period. The Warrants have a cashless exercise mechanism to enable Franco-Nevada to avoid its holdings from exceeding 9.9% of GMIN's common shares outstanding at the time of exercise. The Warrants are subject to a hold period which will expire on November 23, 2022 in accordance with applicable Canadian securities laws.GMIN now has 48,969,770 warrants outstanding with a weighted average life of 2.82 years.The second tranche of the Offering, which will consist of the issuan...