BROSSARD, QC / ACCESSWIRE / March 28, 2022 / G Mining Ventures Corp. ("GMIN" or the "Corporation") (TSXV:GMIN) is pleased to announce that the Gignac Family, management and directors of the Corporation (collectively, the "Insiders") have exercised a cumulative total of 6 million common share purchase warrants ("warrants"), generating aggregate proceeds of approximately C$4.9 million to the Corporation. Together with its previous cash balances, GMIN now has approximately C$65 million in cash.
The warrants were issued in connection with the Corporation's private placement of units completed in November 2020 and were set to expire on May 25, 2022 and also June 15, 2022 for warrants held by Life of Mine Investments Inc. and related persons. The exercise price of the warrants was C$0.80.
After giving effect to these warrant exercises the Corporation has 241,895,914 common shares issued and outstanding as at March 28, 2022 with an additional 73,959,770 warrants outstanding.
The Insiders now beneficially own and control 34,423,974 common shares representing approximately 14.2% of the Corporation's outstanding shares. Since inception of the Corporation, the Insiders have invested approximately C$17 million in the Corporation's share capital and have sold no shares.
Louis-Pierre Gignac, President and Chief Executive Officer, commented, "We are extremely pleased about the Insiders' continued belief in the long-term value of GMIN, and their ongoing support in our planned corporate activities on Tocantinzinho, including the project financing process, further project optimization opportunities and early works activities leading into the construction decision targeted for H2 2022."
The permitted Tocantinzinho Project, is located in Para State, Brazil. Tocantinzinho is an open-pittable gold deposit containing 2.0 million ounces of reserves at 1.3 g/t. The deposit is open at depth, and the underexplored 688km2 land package presents additional exploration potential.
About G Mining Ventures Corp.
G Mining Ventures Corp. (TSXV:GMIN) is a mineral exploration company engaged in the acquisition, exploration and development of precious metal projects, to capitalize on the value uplift from successful mine development. GMIN is well positioned to grow the company into the next mid-tier precious metals producer by leveraging strong access to capital and proven development expertise. GMIN is currently anchored by its flagship Tocantinzinho Project in mining friendly and prospective Para State, Brazil.
For further information on GMIN, please visit the website at www.gminingventures.com or contact:
Director, Investor Relations and Communications
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 press release.
Cautionary Statement on Forward-Looking Information
All statements, other than statements of historical fact, contained in this press release constitute "forward-looking information" and "forward-looking statements" within the meaning of certain securities laws and are based on expectations and projections as of the date of this press release. Forward-looking statements contained in this press release include, without limitation, those related to GMIN's long-term value, the Insiders' ongoing support, the Tocantinzinho project's optimization opportunities, the early work activities at the Tocantinzinho project that will lead to a construction decision for H2 2022, and, more generally, the contents of the above section entitled "About G Mining Ventures Corp.".
Forward-looking statements are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Such assumptions include, without limitation, those underlying the items listed on the above section entitled "About G Mining Ventures Corp.".
Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that, notably but without limitation, the Corporation will make a positive construction decision regarding its Tocantinzinho project or will bring it into commercial production, as future events could differ materially what is currently anticipated by the Corporation.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in the Corporation's other filings with the securities regulators of Canada including, but not limited to, the cautionary statements made in the relevant section of the Corporation's Management Discussion & Analysis. The Corporation cautions that the foregoing list of factors that may affect future results is not exhaustive, and new, unforeseeable risks may arise from time to time. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
SOURCE: G Mining Ventures Corp.