SOURCE: GPM Metals Inc.

April 29, 2016 16:00 ET

GPM Metals Inc. Announces Amended Private Placement

TORONTO, ON--(Marketwired - April 29, 2016) -

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GPM Metals Inc. ("GPM" or the "Company") (TSX VENTURE: GPM) announces today that it has amended the terms of its proposed non-brokered private placement (the "Offering") that was previously announced on April 18, 2016, which will now consist of up to 25,000,000 special warrants ("Special Warrants") at a price of $0.15 per Special Warrant to raise aggregate gross proceeds of up to $3,750,000. Each Special Warrant will automatically convert into one common share of the Company without any additional payment or action by the holder on the date which is four months following the closing of the Offering. The Offering is expected to close on or about May 13, 2016 and remains subject to the receipt of all regulatory approvals. The gross proceeds of the Offering will be released to the Company upon closing. 

Subscribers in the Offering will not be entitled to participate in the previously announced distribution of the common shares of Lago Dourado Minerals Ltd. ("Lago") which the Company proposes to effect in connection with its sale to Lago of its property interests in the Sandy Lake district of Northwestern Ontario. Insiders of the Company may acquire up to 15,000,000 Special Warrants in the Offering. All other terms of the Offering remain as previously announced by the Company on April 18, 2016.

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 and / or accuracy of this release.

Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of GPM, including, but not limited to the failure to complete the Offering as currently proposed or at all, the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, dependence upon regulatory approvals, changes in the proposed use of proceeds of the Offering and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Contact Information

  • For further information please contact:

    John Patrick Sheridan
    Chief Executive Officer
    (416) 628-5904
    Email: info@gpmmetals.ca