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G Mining Ventures Closes US$116 million Private Placement Financing
All amounts are in US dollars unless stated otherwise BROSSARD, QC / ACCESSWIRE / Sept...
About this update from G Mining Ventures Corp
[{"type":"text","content":"G Mining Ventures Closes US$116 million Private Placement FinancingAll amounts are in US dollars unless stated otherwiseBROSSARD, QC / ACCESSWIRE / September 7, 2022 / G Mining Ventures Corp. (\"GMIN\" or the \"Corporation\") (TSXV:GMIN) (OTCQX:GMINF) is pleased to announce that it has closed the second and final tranche (the \"Second Tranche\") of its non-brokered private placement financing (the \"Placement\") announced on July 18, 2022. Under the first and second tranches of the Placement, the Corporation issued an aggregate of 189,066,765 common shares at C$0.80 per share for aggregate gross proceeds to GMIN of C$151.3 million ($116.3 million). The funds will be used for the development and construction of its 100% owned Tocantinzinho Gold Project (the \"Project\").Pursuant to the Second Tranche, the Corporation issued 29,004,265 GMIN common shares at a price of C$0.80 per share to La Mancha Investments S.à r.l. (\"La Mancha\" or the \"Investor\") for gross proceeds of C$23.2 million ($17.8 million). The common shares sold pursuant to the Second Tranche are subject to a hold period which will expire on January 8, 2023 in accordance with applicable Canadian securities laws. La Mancha acquired such common shares for investment purposes. In the future, La Mancha may, from time to time, increase or decrease its investment in GMIN through market transactions, private arrangements, treasury issuances or otherwise.Closing of the first tranche of the Placement (the \"First Tranche\") took place on July 22, 2022, pursuant to which the Corporation issued 160,062,500 common shares at a price of C$0.80 per share for gross proceeds of C$128.1 million ($98.5 million). Following the closing of the First Tranche and prior to the closing of the Second Tranche, La Mancha held 82,875,000 common shares of GMIN, which represented approximately 19.8% of GMIN's then outstanding common shares, For additional details regarding the Placement, please refer to the news releases of the Corporation dated July 18, 2022 and July 22, 2022 available on the GMIN website as well as the SEDAR profile of the Corporation on www.sedar.com.Following the closing of the Second Tranche, La Mancha holds 111,879,265 common shares of GMIN, which represent approximately 25.0% of GMIN's outstanding common shares, and the holdings of Eldorado Gold Corporation (\"Eldora...