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GMV Minerals Inc. announces a brokered private placement financing for up to $2.5 million
GMV Minerals Inc. announces a brokered private placement financing for up to $2.5 million
About this update from Gmv Minerals Inc
[{"type":"text","content":"\n\n\n\n May 10, 2010 (Canada NewsWire Group) -- /NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/\n\n GMV Minerals Inc. (the "Company" or "GMV") (TSX-V:GMV) is pleased to announce that it has entered into an agreement with Max Capital Markets Ltd. to act as Agent (the "Agent"), in connection with a brokered private placement financing (the "Private Placement") for units (the "Units") of the Company at a price to be determined in the context of the market for aggregate proceeds of up to $2.5 million, subject to regulatory approvals.\nEach Unit shall be comprised of one common share (a "Common Share") and one half of one common share purchase warrant (a "Purchase Warrant"). Each whole Purchase Warrant shall be exercisable into one Common Share at an exercise price to be determined at the time of the pricing of the Units for 18 months following the closing of the Private Placement.\nIn consideration for its services, the Agent shall receive a placement fee equal to 8% of the aggregate gross proceeds raised in connection with the Private Placement as well as broker warrants (the "Broker Warrants") in an amount equal to 10% of the Units sold under the Private Placement, each Broker Warrant will have the same exercise price and terms as the Purchase Warrants.\nThe proceeds of the Private Placement will be used for exploration expenditures and for working capital and general administrative costs.\nAll of the Common Shares and Purchase Warrants issued pursuant to the Private Placement are subject to a four-month hold period. Completion of the Private Placement is subject to TSX Venture Exchange approval.\n\nIncentive Share Options\nIn addition, the Board of Directors have granted an aggregate of 500,000 stock options to certain directors and officers of the Company and an aggregate of 200,000 stock options to certain employees and consultants of the Company to acquire an aggregate of 700,000 Common Shares pursuant to the Company's incentive stock option plan. The stock options are exercisable at a price of $0.25 per Common Share. The options will expire five years from the date of the grant.\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Ventur...