Mr. David Terry reports
GENESIS METALS ANNOUNCES CLOSING OF $400,000 PRIVATE PLACEMENT
Genesis Metals Corp. has completed a non-brokered private placement of 3,333,333 flow-through units at a price of 12 cents per unit for aggregate gross proceeds of $400,000.
Each FT unit consists of one flow-through common share of the company and one-half of one common share purchase warrant.Each warrant entitles the holder to purchase one non-flow-through common share of the company at a price of 18 cents until Oct. 12, 2023.In consideration for arranging the offering, the company paid finder's fees in the aggregate amount of $32,000 and issued 266,666 warrants. Each finder fee warrant is exercisable to acquire one common share of the company at a price of 12 cents per share until Oct. 12, 2023.
All securities issued or issuable in connection the private placement are subject to a hold period and may not be traded until Feb. 13, 2022, except as permitted by applicable securities legislation and the rules and policies of the TSX Venture Exchange.
The company intends to use the gross proceeds from the offering to incur exploration expenses on the company's 100-per-cent-owned October gold project.
About Genesis Metals Corp.
Genesis Metals is a member of the Discovery group of companies, an alliance of public companies focused on the advancement of mineral exploration and mining projects with a proven record of generating shareholder value through responsible, sustainable and innovative development.Discovery Group companies have generated over $500-million in direct and indirect expenditures resulting in over $1-billion in merger and acquisitions activity, with notable recent successes being the sale of Northern Empire Resources Corp. to Coeur Mining Inc. and the sale of Kaminak Gold Corp. to Goldcorp Inc.Current Discovery group member companies include:Great Bear Resources Ltd., Bluestone Resources Inc., ValOre Metals Corp., Ethos Gold Corp., Fireweed Zinc Ltd., Kodiak Copper Corp. and K2 Gold Corp.
Genesis Metals is a gold exploration company focused on advancing its Chevrier gold project in the prolific Abitibi region of Quebec, Canada.
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