GMV Minerals Inc. Announces Closure of First Tranche in Private Placement

GMV Minerals Inc. shared on April 5, 2024, that it successfully closed the first tranche of its recent non-brokered private placement. The first portion of the private placement garnered $221,100 through the issuance of 1,474,000 units at $0.15 per unit. The full placement aims to raise a total of $300,000 by selling up to 2,000,000 units.

Each issued unit includes one common share and one warrant, which allows the holder to buy an additional common share at $0.25 until April 7, 2025. In addition, the company disclosed that it paid finder's fees of $10,071 and issued 67,140 finder's warrants under the same conditions. The issue and finder's fees are in compliance with the necessary regulatory and TSX Venture Exchange requirements. The securities issued will be under a hold period until August 6, 2024, pending TSX Venture Exchange's final approval.

A related party, representing about 7.8% of the funds raised, participated in this tranche, following regulatory exemptions for transactions of this nature. The proceeds from this offering are planned for exploring the Mexican Hat gold property and the Daisy Creek Lithium project in Arizona, in addition to covering general working capital needs.