Gimus Resources inc
TSX VENTURE : GIR

October 10, 2013 07:30 ET

Gimus Announces Private Placements

MONTREAL, QUÉBEC--(Marketwired - Oct. 10, 2013) -

Not for release or distribution in the United States or for dissemination to US Newswire Services.

Gimus Resources Inc. (TSX VENTURE:GIR) ("Gimus" or the "Corporation") announces that its board of directors has approved two (2) proposed private placement offerings for aggregate gross proceeds of up to $1,050,000.

The first offering will be of up to 3,000,000 units of the Corporation at a price of $0.10 per unit, each unit being comprised of one (1) common share of the Corporation (a "Share") and one half of one (1/2) Share purchase warrant, each full warrant entitling the holder to acquire one (1) additional Share at a price of $0.15 for a period of thirty-six (36) months following its issuance, for gross proceeds of up to $300,000. The proceeds of this first offering will be used to settled the Corporation current obligations and the costs of the proposed reverser take over (the "RTO") announced in the Corporation September 16, 2013 press release. The closing of this offering will not be conditional upon the closing of the RTO and shall be subscribed by at least 75% arm's length investors.

The second offering will be of a minimum of 5,000,000 and a maximum of 7,500,000 units of the Corporation at a price of $0.10 per unit, each unit being comprised of one (1) Share and one half of one (1/2) Share purchase warrant, each full warrant entitling the holder to acquire one (1) additional Share at a price of $0.15 for a period of twenty-four (24) months following its issuance, for gross proceeds of up to $750,000. The closing of this second offering will be conditional upon the closing of the RTO.

Closing of the proposed offerings is subject to regulatory approvals, including approval of the TSX Venture Exchange.

About Gimus Resources Inc.

Gimus is a mineral exploration company the common shares of which are listed for trading on the TSX-V under the symbol "GIR". Gimus currently has 13,104,000 common shares outstanding and has reserved for issuance 750,000 additional common shares pursuant to stock options and 226,320 common shares pursuant to warrants and compensation options.

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Gimus cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Gimus' control. Such factors include, among other things: risks and uncertainties relating to Gimus' ability to complete the sale of any securities under the offerings and to obtain TSX Venture Exchange approval of the offerings. Except as required under applicable securities legislation, Gimus undertakes no obligation to publicly update or revise forward-looking information.

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.

Contact Information

  • Gimus Resources Inc.
    Guy Girard
    President and CEO
    +1 514 923 9842