Mr. Jeff Sundar reports
GENESIS WELCOMES NEW ADVISORS AND ANNOUNCES STRATEGIC PRIVATE PLACEMENT
Genesis Metals Corp. has appointed Dr. Robert Carpenter, Dr. Andrew J. Ramcharan and Garrett Ainsworth as advisers to the company. It has also arranged a strategic private placement financing.
"We are proud and excited to have these exceptional gentlemen join the Genesis team as strategic advisers. We believe their extensive experience and success in exploration discovery, resource expansion, capital markets and M&A (mergers and acquisitions) will help unlock significant value at the Chevrier gold project for all Genesis shareholders," stated Genesis Metals president, Jeff Sundar.
Dr. Carpenter is a professional geoscientist with over 25 years of technical and executive experience and was co-founder, president and chief executive officer of Kaminak Gold Corp. from 2005 to 2013. In that time Dr. Carpenter led the company through the acquisition, discovery and maiden resource of the multimillion-ounce Coffee gold project, located in the White Gold district, Yukon. Kaminak was subsequently acquired by Goldcorp Inc. in 2016 for $520-million. Dr. Carpenter completed his PhD at the University of Western Ontario in 2004 where he worked on the newly discovered Meliadine Lake gold deposits in Nunavut that are currently being advanced to production by Agnico Eagle. Dr. Carpenter is also an active director of White Gold Corp.
Dr. Ramcharan has over 18 years of experience in operations, project evaluation, mergers and acquisitions, corporate development, project finance, and investor relations. He was managing directorof project evaluation for both debt and equity financings at Sprott Inc. and was previously with Iamgold, performing work related to M&A. Dr. Ramcharan is PEng (Ontario) and fellow of AusIMM. Dr. Ramcharan is a graduate of the Colorado School of Mines and Harvard University's continuing education program.
Mr. Ainsworth is the president, chief executive officer and director of MK2 Ventures Ltd.Prior to MK2, Mr. Ainsworth was the vice-president, exploration and development, for NexGen Energy Ltd. from June, 2014, to April, 2018.He led the technical team with the rapid expansion of NexGen's Arrow uranium deposit, as well as multiple high-grade uranium discoveries on the Rook I property in the Athabasca basin, Saskatchewan. Mr. Ainsworth was co-recipient of the PDAC Bill Dennis award in March, 2018, for the discovery and development of the Arrow deposit. Before NexGen, Mr. Ainsworth was co-recipient of the AME B.C. Colin Spence award in 2013. This honour was in recognition of his efforts which led to the discovery of the high-grade uranium mineralized system on the Patterson Lake South project in the Athabasca basin, Saskatchewan.
Strategic financing
Genesis will conduct a non-brokered private placement consisting of a combination of flow-through shares (FT) at a price of nine cents per FT share with no warrant and units at a price of seven cents per unit for total gross proceeds of $350,000. Each FT share will consist of one flow-through common share and no warrant. Each unit will consist of one common share and one-half of one share purchase warrant, and each whole such warrant will be exercisable to acquire one additional common share of the company at a price of 10 cents for a period of two years from closing.
The proceeds from the issuance of the FT shares will be used to incur exploration expenses on the company's Chevrier gold deposit in Quebec, and the proceeds from the units will be used by the company for general working capital. The closing of the private placement is subject to TSX Venture Exchange approval. The company may pay a finder's fee in connection certain portions of the private placement. Dr. Carpenter, Dr. Ramcharan and Mr. Ainsworth will participate for a portion of the placement.
About Genesis Metals Corp.
The company is focused on advancing the Chevrier gold project, located 35 kilometres southwest of Chibougamau, Que.
Genesis also owns 100 per cent of the 203-square-kilometre October gold project, located in the southern Swayze greenstone belt in Benton township, Ontario.
We seek Safe Harbor.
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