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VANCOUVER, BC, Sept. 9,
2024 /CNW/ - GR Silver Mining Ltd. ("GR
Silver Mining" or the "Company") (TSXV: GRSL) (OTCQB: GRSLF)
(FRANKFURT: GPE) – announces that it proposes to undertake a
non-brokered private placement of up to 11 million units (each, a
"Unit"), at a purchase price of $0.16 per Unit, to raise total gross proceeds of
up to $1.76 million (the
"Offering"). Each Unit will consist of one common share of
the Company and one-half common share purchase warrant. Each whole
warrant will entitle the holder to purchase one common share of the
Company at a price of $0.22 at any
time on or before that date which is 24 months after the closing
date of the Offering.
The gross proceeds received from the sale of the Units will be
used for exploration targeting resource expansion in the San
Marcial Area of the Plomosas Project and for general working
capital. The Units will be offered to qualified investors in
reliance upon exemptions from the prospectus and registration
requirements of applicable securities legislation. The Company will
pay finders' fees to eligible finders in connection with the
Offering, subject to compliance with applicable securities laws and
the policies of the TSXV.
As part of an ongoing transformation, GR Silver Mining has
successfully:
- As outlined in the Company's Management Discussion and Analysis
("MDA") for the period ended June 30,
2024, available on sedarplus.ca, our exploration team,
together with the assistance of renowned geological experts, has
completed a full review of the exploratory geological, geochemical
and geophysical data collected to date in the San Marcial Area. We
are refining our exploratory model targeting wide, high-grade
silver mineralization hosted in hydrothermal breccias. This
approach previously resulted in the SE Discovery in the San Marcial
Area, where drill hole SMS22-10 intersected 101.6 m at 308 g/t Ag, including multiple
intervals grading over 1,000 g/t Ag, and drill hole SMS22-20
intersected 83.2 m at 215 g/t Ag. As
noted in the MDA, the occurrence of a geological setting similar to
the SE Discovery has been confirmed to the west of and northwest of
the San Marcial Resource Area that will be the object of
exploration in the upcoming months.
- Closed the arm's-length disposition of a subsidiary
eliminating most of the Company's working capital deficit without
diminishing its resource inventory, thus allowing it to focus on
resource growth and the potential development of the Company's core
Plomosas Project (see release, July 17,
2024).
- Embarked on a program of bulk sampling test mining at the San
Juan historical mine site, which has provided the Company with an
efficient and effective exploration platform and valuable
geological information to assist in future exploration (see
release, March 4, 2024).
- Executed a Waiver and Release Agreement with Mako Mining
Corp. ("Mako"), pursuant to which Mako paid to GR Silver
Mining a total of USD$960,000,
satisfied in full by the payment to GR Silver Mining of
USD$500,000 cash and the issuance and
delivery to GR Silver Mining of 296,710 common shares of Mako at a
then deemed price of $2.1007 per
share (US$460,000; C$623,300). (See release, April 1, 2024).
- Welcomed two new highly skilled and respected directors by
appointment to its Board of Directors, Mr. Brent McFarlane and
Ms. Jessica van den Akker,
positioning the Company for resource growth supported by ongoing
exploration in the San Marcial Area (see release, August 6, 2024).
All securities issued and sold under the Offering will be
subject to a hold period expiring four months and one day from
their date of issuance. Completion of the Offering and the payment
of any finders' fees remain subject to the receipt of all necessary
regulatory approvals, including the approval of the TSXV.
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 two
past producer precious metal underground and open pit mines within
the Plomosas Project. In conjunction with a portfolio of early to
advanced stage exploration targets, the Company holds 734
km2 of concessions containing several structural
corridors totaling over 75 km in strike length.
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.