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Toronto, Ontario--(Newsfile Corp. - October 18, 2024) - GPM Metals Inc. (TSXV: GPM) ("GPM" or the "Company") is pleased to announce that on October 17, 2024, it closed the previously announced non-brokered private placement of 11,000,000 units of the Company (the "Units") at a price of C$0.06 per Unit for aggregate gross proceeds of approximately C$660,000 (the "Offering"). Each Unit consists of one common share of the Company and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one common share of the Company at a price of C$0.10 until October 17, 2026.
The proceeds of the Offering will be used by the Company for exploration efforts at its Walker Gossan Project located in Australia and for general corporate purposes and working capital.
The Offering is subject to the receipt of the final approval of the TSX Venture Exchange ("TSXV"). All securities issued under the Offering are subject to a hold period expiring four months from the date hereof. No finders' fees were payable in connection with the Offering.
Insiders of the Company subscribed for 1,000,000 Units under the Offering. The insiders' participation in the Offering constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities acquired by the insiders, nor the consideration for the securities paid by such insiders, exceed 25% of the Company's market capitalization.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction. No securities may be offered or sold in the United States or in any other jurisdiction in which such offer or sale would be unlawful prior to registration under U.S. Securities Act of 1933 or an exemption therefrom or qualification under the securities laws of such other jurisdiction or an exemption therefrom.
For further information please contact:
John Tait
CEO and Director
Telephone: 416 414 3031
Email: info@gpmmetals.com
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.