Mr. Brian Groves reports
GENESIS METALS ARRANGES $800,000 PRIVATE PLACEMENT
Genesis Metals Corp. will conduct a non-brokered private placement consisting of any combination of flow-through units at a price of 16 cents per FT unit and non-flow-through units at a price of 14 cents per NFT unit for total gross proceeds of $800,000.
Each FT unit will consist of one flow-through common share and one-half of one share purchase warrant, each whole such warrant being exercisable at a price of 23 cents to acquire one additional non-flow-through common share of the company for a period of two years from closing. Each NFT 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 20 cents for a period of two years from closing.
The proceeds from the issuance of the FT units will be used to incur exploration expenses on the company's Chevrier gold deposit in Quebec, and the proceeds from the NFT units will be used by the company for general working capital and other exploration expenditures. The closing of the private placement is subject to, among other things, TSX Venture Exchange approval.
The company may pay a finder's fee in connection with the private placement.
About Genesis Metals Corp.
The company is focused on advancing the Chevrier gold deposit located 35 kilometres southwest of Chibougamau, Que. The project is located along the Fancamp deformation zone, 15 kilometres northeast of the high-grade Monster Lake gold discovery.
Genesis also owns 100 per cent the 203-square-kilometreOctober gold project located in the southern Swayze greenstone belt in the Benton township, Ontario. This project is located 35 kilometres northwest of Iamgold's Cote Lake deposit and 50 kilometres southeast of Goldcorp's Borden gold deposit.
We seek Safe Harbor.
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