MONTRÉAL, QUÉBEC--(Marketwire - Feb. 28, 2012) -
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") is pleased to announce that its board of directors has approved a proposed private placement offering of up to 3,000,000 flow-through common shares of the Corporation at a price of $0.10 per share for gross proceeds of up to $300,000.
Gimus anticipates that insiders may subscribe for greater than 25% of the private placement. The issuance of shares to insiders pursuant to the private placement is considered to be a related party transaction subject to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. Gimus intends to rely 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 will not exceed 25% of the fair market value of Gimus' market capitalization.
Closing of the proposed offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange. Proceeds of the offering will be used to fund Gimus' exploration work.
ABOUT GIMUS RESOURCES INC.
Gimus is a mineral exploration company that is exploring for uranium along its 100% owned Baie Johan Beetz Property located east of Havre St-Pierre, on the Québec North Shore.
Forward-Looking Statements
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:
President and Chief Executive Officer
(514) 798-1290
ggirard@sugarhillcapital.ca