BROSSARD, QC, Jan. 27, 2021 /CNW Telbec/ - G Mining
Ventures Corp. (the "Corporation") (TSXV: GMIN) is pleased
to provide an update on its activities since its Annual and Special
Meeting of Shareholders held on December 15,
2020.
Agreement with Sprott
The Corporation is pleased to report it has entered into,
earlier today, an agreement with Sprott Resource Lending Corp.
("Sprott"), an affiliate of Sprott Inc. (see overview,
below), whereby Sprott will, subject to good faith negotiation,
provide access for up to US$200
million in financing for the acquisition and
development of mining assets (the "Sprott
Agreement").
The Sprott Agreement provides that, for an initial period of 24
months, in the event of: (i) a proposed acquisition of a new
project or entity by the Corporation; or (ii) the development of
any project owned by the Corporation, and such acquisition or
development that has a value greater than US$30 million (a "Subject Transaction"),
the parties will enter into good faith negotiations regarding the
terms of financing of up to US$200
million for the Subject Transaction. Any such financing will
consist of senior secured debt with the specific terms to be
determined at the time of negotiation of such financing, subject
to, among other items, the intended use of funds, agreement by the
parties, negotiation, documentation, and subject to approval by
Sprott's investment committee and by the Board of Directors of the
Corporation.
Subject to specific notice provisions in certain circumstances,
the Corporation has retained the right to enter into certain
alternative debt financing arrangements should the opportunity
arise, including debt financing to be provided by traditional
commercial banks, streaming or royalty arrangements, and the
ability to raise funds by way of a public offering of debentures.
Master Services Agreement with G Mining Services
The Corporation is also pleased to report it has entered into a
Master Services and Cooperation Agreement (the "MSA") with G
Mining Services Inc. ("GMS") (see overview, below), to
formalize a business relationship pursuant to which the Corporation
will access a wide range of services to be provided by GMS on an
as-needed basis and on arm's length terms. The MSA is intended to
assist the Corporation to evaluate, develop, construct, commission
and eventually operate one or several mining projects it will
acquire. The MSA also provides for proper governance with respect
to related party transactions.
Louis-Pierre Gignac, President
& Chief Executive Officer of the Corporation, declared: "G
Mining Ventures is happy to have concluded agreements with its
strategic partners Sprott and G Mining Services, that provide the
Corporation with strong technical and financial capacity to
undertake the acquisition and development of mining assets".
About G Mining Ventures Corp.
The Corporation is a mineral exploration company which has been,
up to now, focused on the exploration and development of the
Cameron Lake Property, located in the west-central part of Québec.
As disclosed in the October 23, 2020
and subsequent press releases, the Corporation has been actively
pursuing its objective of acquiring a significant mining asset in
2021. With committed shareholders, the Corporation will see to
leverage a strong track record of developing, building &
optimizing mining projects to create the next emerging
producer.
A corporate website will be established during the coming weeks
at: www.gminingventures.com.
About G Mining Services Inc.
G Mining Services Inc. ("GMS") is a specialized mining
consultancy firm based in Brossard, Québec, offering a wide range of
services to both underground and open pit mining projects. GMS
possesses the capabilities to develop a resource from the
exploration phase, to development, into construction, commissioning
and then operations. GMS self-performs project development with an
objective of building fit-for-purpose and cost effectively. GMS was
directly involved in successful construction and development of the
Fruta del Norte gold mine in Ecuador (Lundin Gold Inc.) and the Merian gold
mine in Suriname (Newmont Mining Corp.), among others. For more
information, please visit www.gmining.com.
About Sprott Inc.
Sprott Inc. ("Sprott") is an alternative asset manager
and global leader in mining and real asset investments. Through its
subsidiaries in Canada, the US and
Asia, Sprott is dedicated to
providing investors with best-in-class investment strategies that
include Exchange Listed Products, Alternative Asset Management and
Private Resource Investments. Sprott also operates Merchant Banking
and Brokerage businesses in both Canada and the US. Sprott is based in
Toronto with offices in
New York, Carlsbad, and
Vancouver and the shares of its
parent company, Sprott Inc., are listed on the Toronto Stock
Exchange and the New York Stock Exchange under the symbol
(TSX/NYSE:SII). For more information, please visit
www.sprott.com.
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 (i) the Corporation
securing debt financing from Sprott under the Sprott Agreement
for up to US$200,000,000, or
otherwise, (ii) the Corporation accessing GMS'
expertise in engineering, optimizing and building mining projects
under any agreement for basic services or for a designated project,
(iii) the Corporation properly addressing potential conflicts of
interests under the MSA; and (iv) generally, the above "About G
Mining Ventures Corp." paragraph in its entirety, which essentially
expresses the Corporation's goal and purposes. 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 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.
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 the Corporation will (i)
secure debt financing from Sprott, or otherwise, or (ii) acquire a
significant mining asset in year 2021, or ever, 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.
Further information regarding the Corporation is available in
the SEDAR database (www.sedar.com).
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SOURCE G Mining Ventures Corp