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GSP Resource Closes Over-Subscribed Private Placement
Vancouver, British Columbia – TheNewswire - April 2, 2025: GSP Resource Corp. (TSX-V: GSPR) (the “Company” or “GSP”) announces that, further to its news release
About this update from Gsp Resource Corp.
[{"type":"text","content":"Vancouver, British Columbia – TheNewswire - April 2, 2025: GSP Resource Corp. (TSX-V: GSPR) (the “Company” or “GSP”) announces that, further to its news release on March 17, 2025, it has closed an over-subscribed non-brokered private placement (the “Private Placement”) of 5,250,000 units (“Units”) at a price of $0.10 per Unit for aggregate gross proceeds of $525,000. Each Unit is comprised of one common share (a “Share”) and one transferable common share purchase warrant (“Warrant”). Each Warrant entitles the holder thereof to purchase one common share of the Company at a price of $0.15 per share at any time on or before April 2, 2027. Two insiders of the Company (the President and Chief Executive Officer and a Director) subscribed for a total of 450,000 Units for aggregate gross proceeds of $45,000 under the Private Placement. Participation by the insiders constitutes a related party transaction as defined under Multilateral Instrument 61-101 (“MI 61-101”). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Private Placement by insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company paid aggregate cash finder’s fees of $7,000 and issued 70,000 broker warrants (“Broker Warrants”) to certain brokers on a portion of the Private Placement. The Broker Warrants are non-transferable and otherwise have the same terms as the Warrants. The Shares and any common shares of the Company that are issuable upon the exercise of Warrants and Broker Warrants are subject to statutory hold period of four months and one day following the closing date of the Private Placement in accordance with applicable Canadian securities laws and the policies of the TSX Venture Exchange. The Company intends to use the net proceeds of Private Placement towards exploration and development work on the Alwin Mine Copper-Silver-Gold Project and the Mer Claims and for corporate expenses and general working capital purposes. About GSP Resource Corp.: GSP Resource Corp. is a mineral exploration & development company focused on projects located in Southwestern British Columbia. The Company owns a 100% interest and...