/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE U.S./
TORONTO, Sept. 5,
2024 /CNW/ - GPM Metals Inc. (TSXV: GPM)
("GPM" or the "Company") is pleased to announce that
on September 4, 2024, it closed the
previously announced non-brokered private placement of 41,666,668
units of the Company (the "Units") at a price of
C$0.06 per Unit for aggregate gross
proceeds of approximately C$2.5
million (the "Offering"). Each Unit consists of one
common share of the Company and one-half of one common share
purchase warrant of the Company (each whole common share purchase
warrant, a "Warrant"). Each Warrant entitles the holder
thereof to acquire one common share of the Company at a price of
C$0.10 until September 4, 2026.
The proceeds of the Offering will be used by the Company for
exploration efforts at its Walker Gossan Project located in
Australia and for general
corporate purposes and working capital.
The Offering is subject to the receipt of the final approval of
the TSX Venture Exchange ("TSXV"). All securities issued
under the Offering are subject to a hold period expiring four
months from the date hereof. No finders' fees were payable in
connection with the Offering.
Insiders of the Company subscribed for 4,360,328 Units under the
Offering. The insiders' participation in the Offering constitutes a
"related party transaction" as defined under Multilateral
Instrument 61-101 Protection of Minority Security Holders in
Special Transactions ("MI 61-101"). Such participation
is exempt from the formal valuation and minority shareholder
approval requirements of MI 61-101 as neither the fair market value
of the securities acquired by the insiders, nor the consideration
for the securities paid by such insiders, exceed 25% of the
Company's market capitalization.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any securities in the United States or any other jurisdiction.
No securities may be offered or sold in the United States or in any other jurisdiction
in which such offer or sale would be unlawful prior to registration
under U.S. Securities Act of 1933 or an exemption therefrom or
qualification under the securities laws of such other jurisdiction
or an exemption therefrom.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statements
Information set forth in this news release involves
forward-looking statements under applicable securities laws. The
forward-looking statements contained herein include, but are not
limited to, the intended use of proceeds and the receipt of TSXV
approval, and all such forward-looking statements are expressly
qualified in their entirety by this cautionary statement. The
forward-looking statements included in this news release are made
as of the date hereof and the Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable securities legislation.
Although the Company believes that the expectations represented in
such forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct and,
accordingly, undue reliance should not be put on such
forward-looking statements. This news release does not constitute
an offer to sell or solicitation of an offer to buy any of the
securities described herein.
SOURCE GPM Metals Inc.
