VANCOUVER, BC, Dec. 8, 2023
/CNW/ - ("GR Silver Mining" or the "Company") (TSXV: GRSL)
(OTCQB: GRSLF) (FRANKFURT: GPE) – The Company announces that it has
negotiated debt settlement with arm's length and non-arm's length
creditors. Pursuant to the debt settlement agreements, and subject
to acceptance by the TSX-V, the Company has settled aggregate debt
of $100,792 outstanding as at
October 31, 2023, in consideration
for which it will issue an aggregate of 1,343,891 common shares at
a deemed price of $0.075 per
share.
Directors and officers of the Company (the "Insiders")
are participating in the debt settlement transactions and will
receive an aggregate of 788,879 shares in consideration for
settlement of an aggregate $59,166
debt. Participation by the Insiders is considered a "related party
transaction" pursuant to Multilateral Instrument 61-101 –
Protection of Minority Security Holders in Special Transactions
("MI 61-101"). The Company is exempt from the requirements to
obtain a formal valuation and minority shareholder approval in
connection with Insiders' participation in reliance of sections
5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that the
Insiders' participation in the debt settlement transactions does
not exceed 25% of the fair market value of the Company's market
capitalization.
All shares issued in relation to these debt settlements are
subject to a hold period expiring four months + one day after the
date the shares are issued, in accordance with applicable
securities laws and the policies of the TSX-V.
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 Plomosas Project, which includes the integrated San Marcial
Area and former Plomosas Mine. 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.
