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Gaia Metals Corp. Closes Over-Subscribed Non-Brokered Private Placement
VANCOUVER, BC / ACCESSWIRE / July 17, 2020 / Gaia Metals Corp. (the "Company") (TSXV: GMC ...
About this update from Germanium Mining Corp.
[{"type":"text","content":"Gaia Metals Corp. Closes Over-Subscribed Non-Brokered Private PlacementVANCOUVER, BC / ACCESSWIRE / July 17, 2020 / Gaia Metals Corp. (the \"Company\") (TSXV:GMC)(OTCQB:RGDCF)(FSE:R9G) is pleased to announce that it has closed an over-subscribed non-brokered private placement financing (the \"Private Placement\") for total gross proceeds of $603,000.The Company has allotted and issued 8,040,000 units (the \"Units\") at a price of $0.075 per Unit. Each Unit is comprised of one common share and one transferable share purchase warrant, with each warrant entitling the holder to purchase one additional common share of the Company for a period of up to 2 years at a price of $0.12.In addition, the Company paid finder's fees of a total of $19,410 and issued 258,800 finder's warrants to arm's length third parties, with each finder's warrant entitling the holder to purchase one common share of the Company for a period of up to 2 years at a price of $0.12.The Company intends to use the proceeds from the Private Placement towards advancing its mineral projects and general working capital. All securities issued under the Private Placement are subject to a four-month and one-day hold period expiring on November 18, 2020. The Private Placement is subject to final TSX Venture Exchange approval.A portion of the Private Placement constitutes a \"related party transaction\" within the meaning of Exchange Policy 5.9 and Multilateral Instrument 61‑101 ‑Protection of Minority Security Holders in Special Transactions (\"MI 61‑101\") adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61‑101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61‑101 in respect of related party participation in the Private Placement.About Gaia Metals Corp.Gaia Metals Corp. is a mineral exploration company focused on the acquisition and development of mineral projects containing base and precious metals, including platinum group elements, and lithium.The Company's primary assets are the wholly owned Corvette Property, and the FCI Property (held under Option from O3 Mining Inc., a recent spin-out from Osisko Mining Inc., for a 75% interest) located in the James Bay Region of Quebec. The properties are contiguous and host significant gold-silver-copper-PGE...