Business
Guyana Precious Metals Inc. acquires DPG Resources Inc.
TORONTO , Aug. 22, 2013 /CNW/ - Guyana Precious Metals Inc. ( " GPM " ) (TSXV:GPM), ...
About this update from Gpm Metals Inc.
[{"type":"text","content":"\n\n\nTORONTO, Aug. 22, 2013 /CNW/ - Guyana Precious Metals Inc. (\"GPM\") (TSXV:GPM), is pleased to announce that it has completed its previously announced\n acquisition of 100% of the common shares of DPG Resources Inc. (\"DPG\"), a company incorporated under the laws of the Province of Ontario\n (the \"Acquisition\").\n\n\nUpon closing of the Acquisition, an aggregate of 18,700,000 common\n shares and 18,700,000 share purchase warrants (each, a \"Warrant\") of GPM were issued to the former shareholders of DPG in exchange for\n the common shares of DPG held by such shareholders, being one common\n share of GPM and Warrant for each common share of DPG outstanding. \n There were no convertible securities of DPG outstanding immediately\n pre-closing.  Each Warrant entitles the holder thereof to acquire one\n additional common share of GPM at an exercise price of $0.10 until\n August 21, 2015.  Immediately following the closing of the Acquisition,\n (i) there are 110,514,514 common shares of GPM outstanding on a\n non-diluted basis, of which former shareholders of DPG own 18,700,000\n such common shares (or approximately 16.9% of the outstanding shares of\n the resulting issuer) and the existing shareholders of GPM own\n 91,814,513 common shares (or 83.1% of the outstanding shares of the\n resulting issuer); and (ii) there are 61,825,000 convertible securities\n of GPM outstanding, inclusive of the Warrants.\n\n\nFollowing the Acquisition, Peter Mullens, the President of DPG, has\n remained in that capacity and will continue to seek out acquisitions of\n mineral exploration properties.  There was no change to the board of\n directors or the management of GPM as a result of the Acquisition.\n\n\nThere were no shareholders of DPG who owned 20% or more of all of the\n issued and outstanding common shares of DPG immediately pre-closing.\n There were no non-arm's length parties of GPM who were insiders of DPG\n or held any direct or indirect beneficial interest in either DPG or any\n of its assets immediately pre-closing, other than Dan Noone and Patrick\n Sheridan.  Dan Noone was a director of DPG and is a director of GPM,\n and directly and indirectly held an aggregate of 2,200,000 common\n shares of DPG (representing approximately 11.8% of all issued and\n outstanding common shares of DPG immediately pre-clo...