Business
GSP Resource Closes Private Placement
Vancouver, British Columbia – TheNewswire - June 19, 2023: GSP Resource Corp. (TSXV:GSPR) (the “Company” or “GSP”) announces that, further to its news release o
About this update from Gsp Resource Corp.
[{"type":"text","content":"Vancouver, British Columbia – TheNewswire - June 19, 2023: GSP Resource Corp. (TSXV:GSPR) (the “Company” or “GSP”) announces that, further to its news release of April 20, 2023, it closed its non-brokered private placement financing (the “Private Placement”) of 3,000,000 units (each, a “Unit”) at a price of $0.12 per Unit for aggregate gross proceeds of $360,000. Each Unit consists of one common share of the Company and one common share purchase warrant (the “Warrants”). Each Warrant entitles the holder to purchase one common share of the Company at a price of $0.20 per share for a period of thirty-six (36) months following the date of issuance. All securities issued under the Private Placement are subject to a four month hold period in accordance with applicable securities laws and the policies of the TSX Venture Exchange (the “Exchange”). The Company paid aggregate cash finder’s fees of $7,698.60 and issued 64,155 non-transferable finder warrants to certain brokers on a portion of the Private Placement. The finder warrants otherwise have the same terms as the Warrants. The Private Placement is subject to final acceptance by the Exchange. Two insiders of the Company subscribed for a total of 150,000 Units 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 net proceeds from the Private Placement are expected to be used for exploration of its Alwin project and general working capital and corporate expenses. In connection with the Private Placement, the Company relied in part on the exemption set out in BC Instrument 45-534 (Exemption from prospectus requirement for certain trades to existing security holders), with a record date of April 19, 2023. The Company confirms there is no material fact or material change relating to the Company that has not been previously disclosed. About GSP Resource Corp.: GSP Resource Corp. ...