Genesis Announces Closing of $805,000 Private Placement, Including Quebec Institutional Funds
July 23, 2018
Vancouver, British Columbia, July 23rd, 2018 – Genesis Metals Corp. (the "Company") (TSX-V: GIS) is pleased to announce that it has completed a non-brokered private placement of 11,500,000 Units of the Company at a price of $0.07 per unit for gross proceeds of $805,000. Each unit in the private placement comprises 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 $0.10 cents for a period of two years.
"We are pleased to welcome Fonds de solidarité FTQ as a shareholder and SIDEX who have increased their shareholding of Genesis," said Brian Groves, chief executive officer and chairman of Genesis. "The proceeds from this financing will allow Genesis to identify new targets through a surface program on the Chevrier project."
SIDEX and Fonds de solidarité FTQ participated in an amount of $100,000 each through FIELD-ACTION 2018, an initiative designed to encourage junior mining companies to perform fieldwork in Québec while at the same time supporting their working capital.
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.
About Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a development capital investment fund that channels the savings of Quebecers into investments. As at May 31, 2018, the organization had $14.3 billion in net assets, and through its current portfolio of investments has helped create and protect 194,746 jobs. The Fonds is a partner in 2,839 companies and has 667,417 shareholder-savers.
All securities issued in connection with the financing will be subject to a four-month hold period. The company intends to use the net proceeds from the private placement to advance its 100% owned Chevrier gold deposit and for general working capital purposes.
The company paid commissions to finders under the placement consisting of total cash commissions of $5,600 and the issuance of a total of 80,000 finder warrants. Each finder warrant entitles the holder to purchase one common share of the company at a price of $0.10 cents per common share for a period of two years.
ON BEHALF OF THE BOARD OF DIRECTORS
President 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 intended use of proceeds from the private placement, 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 and that actual results of exploration activities are consistent with management's expectations. 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 risk factors include, among others, that the Company will be unable to obtain required regulatory approvals on a timely basis or at all, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. 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.