May 24, 2016 (Toronto, Ontario): GPM Metals Inc. (“GPM” or the “Company“) (TSXV:GPM) is pleased to announce that it has closed its previously announced non-brokered private placement (the “Offering”), pursuant to which it has issued an aggregate of 28,333,333 special warrants (“Special Warrants”) at a price of $0.15 per Special Warrant to raise aggregate gross proceeds of $4,250,000. Each Special Warrant will automatically convert into one common share of the Company without any additional payment or action by the holder on September 21, 2016.
The Company also issued an aggregate of 853,500 broker warrants to eligible registrants assisting in connection with the Offering, each entitling the holder to acquire one common share of the Company at an exercise price of $0.15 for one year. All securities issued and issuable pursuant to the Offering are subject to a statutory hold period expiring September 21, 2016. The Offering remains subject to the final approval of the TSX Venture Exchange.
Proceeds from the financing will be used to conduct a 5,000 metre drilling program at the Company’s Walker Gossan zinc project, as well as advance the Pasco zinc project in Peru.
ABOUT GPM METALS INC.
GPM Metals Inc. focuses on acquiring and exploring district scale exploration properties. The Company is currently conducting exploration programs on 2 district scale projects in stable jurisdictions.
For further information please contact:
John Patrick Sheridan
Chief Executive Officer
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 receive all final regulatory approvals, 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.