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GPM Metals Announces Closing of Non-Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - June 8, 2023) - GPM Metals Inc. (TSXV: GPM) (" GPM " or the "...
About this update from Gpm Metals Inc.
[{"type":"text","content":"GPM Metals Announces Closing of Non-Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - June 8, 2023) - GPM Metals Inc. (TSXV: GPM) (\"GPM\" or the \"Company\") is pleased to announce the closing of its previously announced non-brokered private placement (the \"Private Placement\"), consisting of the issuance of an aggregate of 7,750,000 units of the Company (the \"Units\") at a price of C$0.055 per Unit, for aggregate gross proceeds of C$ 426,250.00 Each Unit consists of one common share in the capital of the Company (a \"Common Share\") and one share purchase warrant of the Company (a \"Warrant\"). Each Warrant entitles the holder thereof to acquire one additional Common Share, at an exercise price of C$0.10 per share for a period of 5 years from the closing date of the Private Placement. The net proceeds from the Private Placement are expected to be used by the Company to fund general corporate and administrative expenses, subject to reallocation where deemed necessary. As a result of the closing of the Private Placement, there are now an aggregate of 83,779,058 Common Shares issued and outstanding, on a non-diluted basis. The Common Shares underlying the Units and the Warrants (including, any securities issuable upon the exercise thereof), are subject to a four-month hold period, expiring on October 9, 2023, under applicable ‎securities laws in Canada and the policies of the TSX Venture Exchange (\"TSXV\"). The Private Placement is subject to final acceptance by the TSXV. Except as described below, no finder's fees or commissions were paid, and the Company did not engage any security dealers, in connection with the Private Placement. In connection with the Private Placement, the Company paid a finder's fee to an arm's length registered securities dealer in the amount of C$1,130.00 Insider ParticipationCertain insiders of the Company (collectively, the \"Insiders\"), including Mr. Peter Walsh (Chief Executive Officer and Director), Mr. Shaun Drake (Corporate Secretary), and Mr. Daniel Noone (Chairman), participated in the Private Placement by acquiring an aggregate of 1,655,000 Units (200,000 Units, in the case of Mr. Walsh; 90,000 Units, in the case of Mr. Drake; 365,000 Units, in the case of Mr. Noone (through an entity controlled by Mr. Noone); and 1,000,000 Units, in the case of the fourth Insider (a 10%+...