Genesis Metals announces $800K financing




pcNewsWireGenesis Metals Corp (TSX-V: GIS) intends to close a non-brokered private placement consisting any combination of flow-through units at $0.16 per FT unit and units at $0.14 per NFT unit for gross proceeds of $800,000.

The proceeds from the issuance of the FT Units 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 other exploration expenditures.

News Release

Genesis Metals Arranges $800,000 Private Placement

Vancouver, British Columbia – Genesis Metals Corp (TSX-V: GIS) (“Genesis” or the “Company”) announces that it will be conducting a non-brokered private placement consisting any combination of flow-through units (“FT Units”) at a price of $0.16 per FT Unit and units (“NFT Units”) at a price of $0.14 per NFT Unit for total gross proceeds of $800,000.

Each FT Unit will consist of one “flow-through” common share and one-half of one share purchase warrant, each whole such warrant being exercisable at a price of $0.23 to acquire one additional nonflow-through common share of the Company for a period of two years from closing. Each NFT Unit will consist of one common share and one-half of one share purchase warrant, and each whole such warrant will be exercisable to acquire one additional common share of the Company at a price of $0.20 for a period of two years from closing.

The proceeds from the issuance of the FT Units 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 other exploration expenditures. The closing of the private placement is subject to, among other things, TSX Venture Exchange approval.

The Company may pay a finder’s fee in connection with the private placement.

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” “Jeff Sundar”
Brian Groves Jeff Sundar
CEO and Director 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.