/Not for distribution to United States newswire services or for
dissemination in the United
States./
VANCOUVER, BC, Oct. 24,
2023 /CNW/ - GR Silver Mining Ltd.
("GR Silver Mining" or the "Company") (TSXV: GRSL) (OTCQB: GRSLF)
(FRANKFURT: GPE) – announces that it proposes to undertake a
non-brokered private placement of up to 30 million units (each, a
"Unit"), at a purchase price of $0.04 per Unit, to raise total gross proceeds of
up to $1.2 million (the
"Offering"). Each Unit will consist of one common
share of the Company and one common share purchase warrant.
Each warrant will entitle the holder to purchase one common share
of the Company at a price of $0.07
for three years. In accordance with the policies of the
TSX Venture Exchange ("TSXV"), the Company is relying on a minimum
pricing exception to issue securities at less than $0.05 per listed security.
The proposed use of proceeds from the Offering is: (i)
approximately 29% of the gross proceeds of the Offering will be
used to pay outstanding amounts currently owing to persons who are
arm's length to the Company; (ii) approximately 4% of the
gross proceeds will be used to pay outstanding amounts owing to
management and directors of the Company; and (iii) the balance of
the proceeds will be used to fund general working capital. No
proceeds under the Offering are expected to be paid to persons
conducting Investor Relations Activities (as such term is defined
in TSXV policies).
The Units will be offered to qualified investors in reliance
upon exemptions from the prospectus and registration requirements
of applicable securities legislation. The Company will pay
finders' fees to eligible finders in connection with the Offering,
subject to compliance with applicable securities laws and the
policies of the TSXV.
All securities issued and sold under the Offering will be
subject to a hold period expiring four months and one day from
their date of issuance. Completion of the Offering and the
payment of any finders' fees remain subject to the receipt of all
necessary regulatory approvals, including the approval of the
TSXV.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States of America. The
securities have not been and will not be registered under the
United States Securities Act of 1933 (the "1933 Act") or any state
securities laws and may not be offered or sold within the United States or to U.S. Persons (as
defined in the 1933 Act) unless registered under the 1933 Act and
applicable state securities laws, or an exemption from such
registration is available.
About GR Silver Mining
Ltd.
GR Silver Mining is a Canadian-based, Mexico-focused junior mineral exploration
company engaged in cost effective silver-gold resource expansion on
its 100%-owned assets, located on the eastern edge of the Rosario
Mining District, in the southeast of Sinaloa State, Mexico. GR Silver Mining controls 100% of two
past producer precious metal underground and open pit mines, within
the expanded Plomosas Project, which includes the integrated San
Marcial Area and La Trinidad
acquisition. In conjunction with a portfolio of early to advanced
stage exploration targets, the Company holds 734 km2 of
concessions containing several structural corridors totaling over
75 km in strike length.
GR Silver Mining Ltd.
Eric Zaunscherb, Chair &
CEO
Cautionary Statement Regarding Forward-Looking
Information
This press release contains "forward-looking statements"
within the meaning of applicable Canadian securities legislation
and information that are based on the beliefs of management and
reflect the Company's current expectations. When used in this press
release, the words "estimate", "project", "belief", "anticipate",
"intend", "expect", "plan", "predict", "may" or "should" and the
negative of these words or such variations thereon or comparable
terminology are intended to identify forward-looking statements and
information.
Such statements and information reflect
the current view of the Company. Risks and uncertainties
may cause actual results to differ materially from those
contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause our
actual results, performance or achievements, or other future
events, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements.
Neither the 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 press release.
SOURCE GR Silver Mining Ltd.
