Genesis Announces Closing of $500,000 Private Placement, Including Quebec Institutional Funds
Vancouver, British Columbia, March 4th, 2021 – Genesis Metals Corp. ("Genesis" or the "Company") (TSX-V: GIS) is pleased to announce that it has completed a non-brokered private placement for gross proceeds of $500,000.
Pursuant to the placement, the Company issued 2,279,726 units at $0.22 per unit for aggregate gross proceeds of $501,539. Each unit in the private placement is comprised of one common share and one-half of one share purchase warrant with each whole warrant exercisable into one additional common share at a price of $0.30 for a period of two years. In connection with the private placement, the Company paid fees in the aggregate amount of $12,898.50.
Quebec Institutional fund SIDEX and Mining Investment Fund SDBJ participated each for an amount of $150,000 through DRILLING JAMES BAY 2021, an initiative designed to encourage junior mining companies to test new drilling targets on Québec’s James Bay territory during winter 2021.
The Company intends to use the gross proceeds from the placement to incur exploration expenses on the Company's 100% owned Chevrier gold project and for general working capital purposes.
SIDEX is an initiative of the Québec government and the Fonds de solidarité FTQ whose mission is to invest in companies engaged in mineral exploration in Québec in order to diversify the province’s mineral base, promote innovation and new entrepreneurs.
SDBJ was created under the James Bay Region Development Act adopted by the Québec National Assembly in 1971. Its mission is to promote, from a sustainable development perspective, the economic development, improvement and exploitation of natural resources other than hydroelectric resources falling within Hydro-Québec’s mandate in the Baie-James territory. SDBJ can also foster, support and participate in the implementation of projects having these objectives.
The Qualified Person for this news release for the purposes of National Instrument 43-101 is André Liboiron, P. Geo., Project Manager. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.
Genesis Metals Corp. is a member of the Discovery Group of Companies, an alliance of public companies focused on the advancement of mineral exploration and mining projects with a proven track record of generating shareholder value through responsible, sustainable, and innovative development. Discovery Group companies have generated over $500 million in direct and indirect expenditures resulting in over a billion dollars in M&A activity, with notable recent successes being the sale of Northern Empire Resources Corp. to Coeur Mining Inc. and the sale of Kaminak Gold Corp. to Goldcorp Inc. Current Discovery Group member companies include: Great Bear Resources Ltd., Bluestone Resources Inc., ValOre Metals Corp., Ethos Gold Corp., Fireweed Zinc Ltd., Kodiak Copper Corp., and K2 Gold Corporation.
Genesis Metals Corp. is a gold exploration company focused on advancing its Chevrier Gold Project in the prolific Abitibi region of Quebec, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
“David A. Terry”
President, CEO, and Director
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.
Certain disclosure in this release, including statements regarding the anticipated timing for receipt of survey and till results; the Company's exploration plans; constitute forward-looking information or statements (collectively, "forward-looking statements") for the purpose of applicable securities laws. In making the forward-looking statements, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals required to complete the Company's planned exploration and development activities; that the Company is able to procure personnel, equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis; that actual results of exploration activities are consistent with management's expectations; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner; Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risks include, among others, the risks related to the inability to obtain required regulatory approvals on a timely basis or at all, that the risk that actual results of the Company's exploration activities may be different than those expected by management; delays in receiving survey and till results or obtaining any required government or other regulatory approvals; inability to procure required equipment and supplies in sufficient quantities and on a timely basis; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Company's lack of operating revenues and risks related to dependence on key personnel. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.