Business
GMV MINERALS INC. ANNOUNCES EXCHANGE APPROVAL
GMV MINERALS INC. ANNOUNCES EXCHANGE APPROVAL
About this update from Gmv Minerals Inc
[{"type":"text","content":"\n\n\n\n Aug. 31, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\n\n /NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.\n NEWSWIRE SERVICES/\n \n\n VANCOUVER, Aug. 31 /CNW/ - GMV Minerals Inc. (the "Company" or "GMV")\n (TSX-V:GMV) is pleased to announce that further to its press release\n issued May 4, 2010, the TSX Venture Exchange (the "Exchange") has issued\n its Bulletin confirming that it has accepted for filing the letter\n agreement dated April 29, 2010 (the "Letter Agreement") entered into\n between GMV and Alfro Alphonso, as described in the May 4, 2010 press\n release with respect to the acquisition of 100% interest in certain\n mineral rights in Guyana, South America.  In furtherance to the Letter\n Agreement, on August 26, 2010 the Company entered into a formal\n agreement as contemplated by the Letter Agreement.  Under the terms of\n the formal agreement (the "Agreement"), GMV will continue to have the\n rights to buy back the 2% non-transferable net smelter return royalty\n which it granted to the Optionor, however the buyback price has been\n fixed at US$8.5 million, regardless of the size of the delineated\n mineral resource at the time of buy back. The Agreement deals with\n certain other administrative matters, such as providing for an\n arbitration mechanism in the event a dispute arises in relation to the\n Agreement but otherwise does not provide for any further substantive\n changes to and incorporates the Letter Agreement. \n \n\n As final Exchange approval has been obtained, GMV will issue, at the\n direction of the Optionor, the first tranche of shares issuable upon\n Exchange acceptance as provided for in the Agreement, being 1,512,753\n common shares together with the initial cash payment required of\n $150,000.  Additionally, a finder's fee of 750,000 common shares of GMV\n will be paid to Bear Trade Corporation, wit...