/Not for distribution to United States newswire services or for
dissemination in the United
States/
VANCOUVER, BC, Sept. 27,
2024 /CNW/ - GR Silver Mining Ltd. ("GR Silver
Mining" or the "Company") (TSXV: GRSL) (OTCQB: GRSLF)
(FRANKFURT: GPE) – is pleased to announce it has closed an
initially oversubscribed and thus increased non-brokered private
placement (the "Offering") previously announced on
September 9, 2024, and increased
September 13 and September 17.
Under the Offering, the Company has issued 14,807,338 units for
gross proceeds of $2,369,174.08. In
connection with the Offering, the Company paid a total of
$111,388.80 and issued a total of
696,180 warrants as finder's fees. Each finder's warrant is
exercisable for one common share at a price of $0.22 for two years. The Offering represents an
important milestone as the Company continues exploration for
potential discoveries and resource expansion in the San Marcial
Area, Plomosas Project.
Certain directors and officers of the Company (the
"Insiders") participated in the Offering, purchasing an
aggregate of 444,013 units for an aggregate $71,042.08. Participation by the Insiders is
considered a "related party transaction" pursuant to Multilateral
Instrument 61-101 – Protection of Minority Security Holders in
Special Transactions ("MI 61-101"). The Company is
exempt from the requirements to obtain a formal valuation and
minority shareholder approval in connection with Insiders'
participation in reliance of sections 5.5(a) and 5.7(a) of MI
61-101, respectively, on the basis that the Insiders' participation
in the Offering does not exceed 25% of the fair market value of the
Company's market capitalization.
All securities issued under the Offering are subject to a hold
period expiring January 27, 2025, in
accordance with applicable securities laws and the policies of the
TSX Venture Exchange.
"GR Silver Mining is grateful for the ongoing support of its
shareholders and welcomes its new investors. Management has been
successful in working through a challenging market and is excited
to reinvigorate its exploration of the highly prospective Plomosas
Project," commented CEO and Chair Eric
Zaunscherb. "In our view, GR Silver Mining has a silver
project with a robust resource estimate, exceptional exploration
potential, and existing infrastructure and permitting, as well as
excellent technical and financial in-house expertise. We continue
to advance several strategic initiatives, which we hope will bear
fruit in the near-term."
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States of America. The
securities have not been and will not be registered under the
United States Securities Act of 1933 (the "1933 Act") or any state
securities laws and may not be offered or sold within the United States or to U.S. Persons (as
defined in the 1933 Act) unless registered under the 1933 Act and
applicable state securities laws, or an exemption from such
registration is available.
About GR Silver Mining Ltd.
GR Silver Mining is a Canadian-based, Mexico-focused junior mineral exploration
company engaged in cost effective silver-gold resource expansion on
its 100%-owned assets, located on the eastern edge of the Rosario
Mining District, in the southeast of Sinaloa State, Mexico. GR Silver Mining controls 100% of the
Plomosas Project, including the former Plomosas underground mine
and wide, high-grade silver mineralized zones at the San Marcial
Area. Recent discoveries in the 78 km2 of highly
prospective advanced stage exploration concessions, position the
Company well in the pursuit for resource expansion at the Plomosas
Project.
GR Silver Mining Ltd.
Eric Zaunscherb,
Chair &
CEO
Cautionary Statement Regarding Forward-Looking
Information
This press release contains "forward-looking statements"
within the meaning of applicable Canadian securities legislation
and information that are based on the beliefs of management and
reflect the Company's current expectations. When used in this press
release, the words "estimate", "project", "belief", "anticipate",
"intend", "expect", "plan", "predict", "may" or "should" and the
negative of these words or such variations thereon or comparable
terminology are intended to identify forward-looking statements and
information.
Such statements and information reflect
the current view of the Company. Risks and uncertainties
may cause actual results to differ materially from those
contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause our
actual results, performance or achievements, or other future
events, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements.
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.
SOURCE GR Silver Mining Ltd.