/CNW/ - GMV Minerals Inc. (the Company or GMV) (TSX-V:GMV) is pleased to announce a non-brokered private placement of up to 6 million Units (the Units). The private placement offering (the Offering) will be at $0.05 (CAD) per Unit, and will consist of one common share in the capital of the Company (each a Common Share) and one full share purchase warrant (a Warrant).
Each whole Warrant will be exercisable at $0.10 (CAD) to purchase an additional common share (each a Warrant Share) for a period of 18 months following the Closing Date. All subscriptions for Units are anticipated to be completed and accepted by the Company on or before February 10, 2010.
The net proceeds of the Offering will be used to advance the proposed business combination involving GMV and a private Ecuadorian mining producer previously announced on January 22, 2010 and for general working capital. Finders fees may be paid on the Offering pursuant to the policies of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
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Ian Klassen, President
Neither 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.
This news release may contain forward-looking statements based on assumptions and judgments of management of the Company regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements except as may be required by law.
