Gimus Resources inc

October 30, 2013 07:30 ET

Gimus Announces Private Placements

MONTRÉAL, QUÉBEC--(Marketwired - Oct. 30, 2013) -

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

Gimus Resources Inc. ("Gimus" or the "Corporation") (TSX VENTURE:GIR) announces that, further to its news releases dated October 10, 2013, it has closed an oversubscribed non-brokered private placement consisting of 3,075,000 units of the Corporation at a price of $0.10 per units for gross proceeds of $307,500, 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.

Securities acquired by the places are subject to a hold period until March 1, 2013, in accordance with applicable securities legislation. The proceeds of this offering will be used to settled the Corporation current obligations and the costs of the proposed reverse takeover announced in the Corporation September 16, 2013 press release.

Insiders of the Corporation participated in this private placement, having purchased 400,000 units, constituting related party transactions pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Corporation relied on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that participation in the private placement by insiders did not exceed 25% of the fair market value of the Corporation's market capitalization.

Closing of the private placement is subject to receipt of the TSX Venture Exchange's final approval.

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 16,179,000 common shares outstanding and has reserved for issuance 750,000 additional common shares pursuant to stock options and 1,763,820 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