pcNewsWire – Genesis Metals Corp (TSX-V: GIS) has arranged a $3,200,000 non-brokered private placement consisting of 13,950,000 flow-through (FT) units at $0.16 per FT share for $2.23 million and 7,00,000 non-flow- through (NFT) units at $0.14 per NFT unit for $980,000.
The proceeds from the issuance of the FT shares will be used to incur exploration expenses on the company’s Chevrier Gold deposit in Quebec, and the proceeds from the NFT units will be used by the company for general working capital and exploration expenditures.
News Release
Genesis Metals Arranges $3.2 Million Dollar Private Placement
Vancouver, British Columbia – Genesis Metals Corp (TSX-V: GIS) (“Genesis” or the “Company”) has arranged a $3,200,000 non-brokered private placement consisting of 13,950,000 flow-through (FT) units at a price of 16 cents per FT share for total proceeds of $2.23-million and 7,00,000 non-flow- through (NFT) units at a price of 14 cents per NFT unit for total proceeds of $980,000.
Each flow-through unit consists of one flow-through common share and one-half of one non-flow- through share purchase warrant, with each warrant being exercisable at a price of 23 cents for a period of two years from closing. Each NFT unit will consist of one non-flow-through common share and one- half of one non-flow-through share purchase warrant, with each warrant being exercisable at a price of 20 cents for a period of two years from closing.
The proceeds from the issuance of the FT shares will be used to incur exploration expenses on the company’s Chevrier Gold deposit in Quebec, and the proceeds from the NFT units will be used by the company for general working capital and exploration expenditures. The closing of the private placement is subject to TSX Venture Exchange approval.
The Company may pay a finder’s fee in connection with the financing.
About Genesis Metals
The Company is focused on advancing the Chevrier Gold Deposit located 35 km southwest of Chibougamau, Quebec. The Project is located along the Fancamp Deformation Zone, 15 km northeast of the high-grade Monster Lake gold discovery.
Genesis also owns 100% the 203 km2 October Gold project located in the southern Swayze greenstone
belt in Benton Township, Ontario. This project is located 35 km northwest of IAMGold’s Cote Lake deposit and 50km southeast of Goldcorp’s Borden gold deposit.
ON BEHALF OF THE BOARD
“Brian Groves”
Brian Groves
CEO and Director
“Jeff Sundar”
Jeff Sundar
President and Director
Suite 1500, 409 Granville Street, Vancouver, BC V6C 1T2
Telephone: 604-646-8356 Fax: 604-484-7155
Email: js@genesismetalscorp.com
Website: www.genesismetalscorp.com
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 release.
