July 26, 2022 (Toronto, Ontario) GPM Metals Inc. (“GPM” or the “Company“) (TSXV:GPM ) announces that it has closed a non-brokered the “Offering”) pursuant
to which it has issued an aggregate of 4,912,500 units (“Units”) at a price of $0.08 to raise gross
aggregate proceeds of $393,000.00.
Each Unit consists of one common share of the Company (a “Share”) and one half share purchase warrant (each whole such warrant, a ‘Warrant”). Each Warrant will entitle the holder to purchase one additional share at an exercise price of $0.10 for a period of 36 months.
Insiders of the Company subscribed for an aggregate of 2,600,000 Units in the Offering.
The insider participation will be considered to be related party transactions within the meaning of TSXV Policy 5.9 and Multilateral Instrument 61-101 (“MI 61-101”). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(a) of MI 61-101 in respect of such insider participation.
All proceeds from the Offering shall be available immediately to the Company and used for property interests and general corporate purposes.
All of the securities issued and issuable in the Offering are subject to a statutory hold period expiring on November 27, 2022.
The Offering remains subject to the receipt of applicable final regulatory approvals.
For further information please contact:
Chief Executive Officer,
GPM Metals Inc.