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GSP Resource Corp. Announces Closing of Over-Subscribed Private Placement
VANCOUVER, British Columbia, May 22, 2020 (GLOBE NEWSWIRE) -- GSP Resource Corp. (TSX-V: GSPR) (the “Company” or “GSP”) is pleased to announce that further to i
About this update from Gsp Resource Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, May 22, 2020 (GLOBE NEWSWIRE) -- GSP Resource Corp. (TSX-V: GSPR) (the “Company” or “GSP”) is pleased to announce that further to its news release on April 30, 2020, it has closed an over-subscribed non-brokered private placement of 2,729,837 units (each a “Unit”) for gross proceeds of $409,475.55 (the “Private Placement”). As previously disclosed, each Unit was priced at $0.15 and consists of one common share and one-half of one transferable common share purchase warrant (“Warrants”). Each whole Warrant entitles the holder to purchase one common share of the Company at a price of $0.20 per share for a period of twenty-four (24) months from the date of closing the Private Placement. The Company paid aggregate cash finder’s fees of $12,147.30 and issued 80,979 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. All securities issued pursuant to the Private Placement are subject to a four-month hold period from the closing date in accordance with applicable securities laws. Proceeds from the Private Placement are expected to be used to pay finder’s fees in connection with the closing of the Private Placement ($12,147.30), exploration (drilling, permitting, and modelling) on its Alwin project ($297,328.25) and general working capital ($100,000). In connection with the Private Placement, the Company relied in part on the exemption set out in BC Instrument 45-536 (Exemption from prospectus requirement for certain distributions through an investment dealer) and 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 29, 2020. 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. is a mineral exploration & development company focused on projects located in Southwestern British Columbia. The Company has an option to acquire a 100% interest and title to the Alwin Mine Copper-Gold-Silver Property in the Kamloops Mining Division, as well as an option to acquire 100% interest and title to the Olivine Mountain Property in the Similkameen Mining Division. Contact Information - For ...