Business
GMV Minerals Inc. closes brokered private placement financing
GMV Minerals Inc. closes brokered private placement financing
About this update from Gmv Minerals Inc
[{"type":"text","content":"\n\n\n\n Jun. 21, 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 completed its previously announced brokered private placement financing (the "Private Placement") of units (the "Units"). The Company has issued under the Private Placement 19,611,732 Units at a price of $0.15 per Unit for gross proceeds of $2,941,759.80 Each Unit is comprised of one common share (a "Common Share") and half of one common share purchase warrant (a "Purchase Warrant"). Each whole Purchase Warrant is exercisable into one Common Share at an exercise price of $0.25 per Common Share for a period of 24 months.\nMax Capital Markets Ltd. (the "Agent") acted as the Company's agent in connection with the Private Placement. In consideration for its services, the Agent received 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") equal to 10% of the number of Units sold under the Private Placement. Each Broker Warrant is exercisable into one Common Share at an exercise price of $0.15 per Common Share for a period of 24 months. The Broker Warrants have the same terms as the Purchase Warrants except that the Broker Warrants are non-transferable.\nThe proceeds of the Private Placement will be used for exploration expenditures and for working capital and general corporate purposes.\nThe Common Shares, Purchase Warrants and Broker Warrants issued pursuant to the Private Placement are subject to a 4-month hold period.\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way passed upon the merits of the Acquisition and has neither approved nor disproved the contents of this press release.\n\nThese securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States unless an exemption from registration is available. This pr...