GeoVenCap Closes a Private Placement
July 24 2012 - 8:00AM
PR Newswire (Canada)
MONTREAL, July 24, 2012 /CNW Telbec/ - GeoVenCap Inc. ("GeoVenCap"
or the "Company") announces that it has closed a non-brokered,
arm's length private placement (the "Private Placement") of 416,666
units at a price of $0.24 each, for gross proceeds of $100,000.
Each unit is comprised of one common share and one warrant
entitling the holder to subscribe for one common share upon payment
of $0.35 for a period of 24 months. No finder's fees or commissions
were paid in connection with the Private Placement. The securities
issued under the Private Placement are subject to a four-month hold
period and TSX Venture Exchange acceptance. The proceeds of the
Private Placement will be used for exploration on the New Brunswick
projects and for working capital purposes. About GeoVenCap
GeoVenCap is a mineral company focused on exploration principally
for silver and gold in northern New Brunswick. Its priority is to
explore and develop four highly prospective projects located
between 30 and 105 km west and southwest of the city of Bathurst,
New Brunswick: the California Lake Silver Project, the Upsalquitch
Gold Project, the Williams Brook Gold Project and the Bathurst
Mining Camp - Base Metal Project. These projects are in close
proximity of mines and advanced projects owned by Xstrata,
Votorantim and Trevali Mining. Forward-Looking Statements This news
release contains discussion of items that may constitute
forward-looking statements within the meaning of securities laws
that involve risks and uncertainties. Although the company believes
the expectations reflected in such forward-looking statements are
based on reasonable assumptions, it can give no assurances that its
expectations will be achieved. Factors that could cause actual
results to differ materially from expectations include the effects
of general economic conditions, actions by government authorities,
uncertainties associated with contract negotiations, additional
financing requirements, market acceptance of the Company's products
and competitive pressures. These factors and others are more fully
discussed in Company filings with Canadian securities regulatory
authorities. "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 or
accuracy of this release." GeoVenCap Inc. CONTACT: Leon
MethotPresident and Chief Executive Officer514 868-9408
x255lmethot@geovencap.com www.geovencap.com
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