VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 3, 2014) - GEONOVUS MINERALS CORP. (TSX VENTURE:GNM) (the "Company") announces that, further to its news releases dated July 18, 2014, August 8, 2014 and August 28, 2014, the Company completed its non-brokered private placement of 11,545,000 units (the "Units") at a price of $0.05 per Unit for gross proceeds of $577,250 (the "Offering").
Each Unit is comprised of one common share (a "Share") and one Share purchase warrant (a "Warrant") of the Company. Each Warrant will entitle the holder to purchase one Share (a "Warrant Share") at a price of $0.10 per Warrant Share until September 3, 2016, subject to Acceleration (as defined below). After four months have elapsed from the date of issuance of the Units, if the Company's closing sales price of the Shares (or the closing bid, if no sales were reported on a trading day) as quoted on the TSX Venture Exchange (or such other stock exchange, quotation system or market on which the Shares are listed and where a majority of the trading volume of the Shares occurs) equals or exceeds $0.15 for a period of 20 consecutive trading days, the Company may, within five days of such event, provide notice by way of news release to the subscriber of early expiry, and thereafter such Warrants shall expire on that date which is 30 days from the date such notice is given (the "Acceleration").
In connection to the Offering, the Company issued a total of 34,800 finders warrants to purchase up to 34,800 Shares at a price of $0.10 per Share for a period of 12 months, subject to the Acceleration. In addition, the Company paid cash commissions to the finders totaling $1,740.
All securities issued pursuant to the private placement are subject to a hold period expiring on January 4, 2015.
Further to its news release dated August 27, 2014, the Company anticipates that its Common Shares will be delisted from trading on the TSX Venture Exchange at the close of business on Friday, September 5th, 2014 with trading of its Common Shares on the Canadian Securities Exchange (CSE) to commence on Monday, September 8th, 2014 under the symbol "GNM" .
GeoNovus Minerals Corp. is a junior exploration company actively seeking mineral opportunities for the benefit of all of its stakeholders.
ON BEHALF OF THE BOARD
Michael England, President
Neither 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. |