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G Mining Ventures Announces Early Warrant Exercise by Insiders
BROSSARD, QC / ACCESSWIRE / March 28, 2022 / G Mining Ventures Corp. (" GMIN " or the " Corp...
About this update from G Mining Ventures Corp
[{"type":"text","content":"G Mining Ventures Announces Early Warrant Exercise by InsidersBROSSARD, QC / ACCESSWIRE / March 28, 2022 / G Mining Ventures Corp. (\"GMIN\" or the \"Corporation\") (TSXV:GMIN) is pleased to announce that the Gignac Family, management and directors of the Corporation (collectively, the \"Insiders\") have exercised a cumulative total of 6 million common share purchase warrants (\"warrants\"), generating aggregate proceeds of approximately C$4.9 million to the Corporation. Together with its previous cash balances, GMIN now has approximately C$65 million in cash.The warrants were issued in connection with the Corporation's private placement of units completed in November 2020 and were set to expire on May 25, 2022 and also June 15, 2022 for warrants held by Life of Mine Investments Inc. and related persons. The exercise price of the warrants was C$0.80.After giving effect to these warrant exercises the Corporation has 241,895,914 common shares issued and outstanding as at March 28, 2022 with an additional 73,959,770 warrants outstanding.The Insiders now beneficially own and control 34,423,974 common shares representing approximately 14.2% of the Corporation's outstanding shares. Since inception of the Corporation, the Insiders have invested approximately C$17 million in the Corporation's share capital and have sold no shares.Louis-Pierre Gignac, President and Chief Executive Officer, commented, \"We are extremely pleased about the Insiders' continued belief in the long-term value of GMIN, and their ongoing support in our planned corporate activities on Tocantinzinho, including the project financing process, further project optimization opportunities and early works activities leading into the construction decision targeted for H2 2022.\"The permitted Tocantinzinho Project, is located in Para State, Brazil. Tocantinzinho is an open-pittable gold deposit containing 2.0 million ounces of reserves at 1.3 g/t. The deposit is open at depth, and the underexplored 688km2 land package presents additional exploration potential.About G Mining Ventures Corp.G Mining Ventures Corp. (TSXV:GMIN) is a mineral exploration company engaged in the acquisition, exploration and development of precious metal projects, to capitalize on the value uplift from successful mine development. GMIN is well positioned to grow the company into the next mid-tier pre...