MONTRÉAL, Sept. 6,
2023 /CNW/ - Genius Metals Inc. (TSXV: GENI) ("Genius
Metals" or the "Corporation") is pleased to announce that it
has completed today the closing of the non-brokered private
placement previously announces, for total gross proceeds of
$556,500 (the "Private
Placement").
Under the Private Placement, the Corporation issued 11,130,000
units ("Units"), at a price of $0.05
per Unit, each consisting of one common share (a "Common Share")
and one share purchase warrant (a "Warrant") in the capital of the
Corporation. Each Warrant will entitle the holder thereof to
purchase one Common Share at an exercise price of $0.10 until September 6,
2025.
In connection with the Private Placement, the Corporation paid
finder's fees in the amount of $5,600
to certain arm's length third parties who assisted the Corporation
by introducing subscribers to the Private Placement.
One officer of the Corporation has participated in the Private
Placement and were issued 180,000 Units. Such participation in the
Private Placement is a "related party transaction" as defined in
Regulation 61-101 respecting Protection of Minority Security
Holders in Special Transactions ("Regulation 61-101"). Such
participation is exempt from the formal valuation and minority
shareholder approval requirements of Regulation 61-101 as neither
the fair market value of the securities issued to insiders nor the
consideration for such securities by insiders exceed 25% of the
Corporation's market capitalization.
The net proceeds of the Private Placement will be used by the
Corporation to incur exploration expenses on its mining properties
and for general working capital purposes.
All securities issued in connection with the Private Placement
will be subject to a four-month-and-one-day statutory hold period
in accordance with applicable securities laws.
The Private Placement was carried out pursuant to prospectus
exemptions of applicable securities laws and is subject to final
acceptance by the TSX Venture Exchange ("TSXV").
About Genius Metals
Genius Metals is a Canadian mineral exploration company focused
on the acquisition, exploration and, if warranted, development of
natural resource properties of merit in Canada.
Forward-Looking Statements and Disclaimer
Certain information contained herein may constitute
"forward-looking information" under Canadian securities
legislation. Generally, forward-looking information can be
identified using forward-looking terminology such as, "will be",
"expected" or variations of such words and phrases or statements
that certain actions, events or results "will" occur.
Forward-looking statements, including statements relating to the
anticipated use of the proceeds from the Private Placement and the
final approval of the TSXV, are based on the Corporation's
estimates and are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Corporation to be
materially different from those expressed or implied by such
forward-looking statements or forward-looking information. There
can be no assurance that such statements will prove to be accurate,
as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements and
forward-looking information. The Corporation will not update any
forward-looking statements or forward-looking information that are
incorporated by reference herein, except as required by applicable
securities laws.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this news
release.
SOURCE Genius Metals Inc.