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Replies to post #32637 on Value Microcaps Junior Miners
(ii) On April 18, 2016, the Company announced a non-br
okered private placement (t
he "Offering") pursuant
to which it will issue up to 25,000,000 common shares ("Shares") at a price of $0.15 per Share to raise
aggregate gross proceeds of up to
approximately $3,
750,000. In connection with the Offering, GPM
may pay a finder's fee to certain qualified registrants a
ssisting in the Offering in the amount equal to 5% of
the gross proceeds raised by such finders, and iss
ue such number of broker warrants ("Broker Warrants")
to such finders as is equal to 5% of the number of
shares placed by such finders. Each Broker Warrant will
entitle the holder thereof to acquire one Share at an
exercise price of $0.15 for a period of 12 months.
Insiders of the Company may subscribe for up to 15,000,000 Shares in the Offering.
(iii) During April 2016, the agreement for the sale of
the previously owned Peters and Aremu properties was
amended to extend the payment terms of the $300,000
which was due on or prior to March 30, 2016. The
amended payment terms are as follows: $200,000 paya
ble by April 30, 2016 (
paid) and $100,000 payable
by May 31, 2016.
(iv) On April 22, 2016, Goldeye Explorations Limited (“Goldeye”) issued a press release asserting their
belief that they should be a 50/50 participant in the East
Block claims. In the original agreement Goldeye
was to make a payment at the end of
September 2015. As this payment was not made by Goldeye, it is
management’s view that the terms of the original agreement were not complied with and as a result, the
additional interests (the 1,400 claims) would not be part of this agreement.
(v) On April 29, 2016, GPM announced that it has am
ended the terms of its Offering that was announced
on April 18, 2016 (see (ii) above), which will now consist of up to 25,000,000 special warrants (“Special
Warrants”) at a price of $0.15 per Special Warrant to
raise aggregate gross proceeds of up to $3,750,000.
Each Special Warrant will automatically convert
into one common share of the Company without any
additional payment or action by the holder on the date which is four months following the closing of the
Offering. The Offering remains subject to the receipt of
all regulatory approvals. The gross proceeds of the
Offering will be released to the Company upon closing.
Page 6
GPM Metals Inc.
Interim Management’s Discussion & Analysis – Quarterly Highlights
Three Months Ended March 31, 2016
Discussion dated: May 27, 2016
Subscribers in the Offering will not be entitled to part
icipate in the previously
announced distribution of the
common shares of Lago which the Company proposes to effect in connection with its sale to Lago of its
property interests in the Project. Insiders of the Company may acquire up to 15,000,000 Special Warrants in
the Offering. All other terms of the Offering remain
as previously announced by the Company on April 18,
2016 (see (ii) above).
(vi) On May 2, 2016, GPM announced that it has increa
sed the size of its Offering, which will now consist
of up to 28,333,333 Special Warrants at a price of $0.15 per Special Warrant to raise aggregate gross
proceeds of up to $4,250,000. All other terms of t
he Offering remain as previously announced by the
Company on April 18, 2016 and April 29, 2016. T
he offering closed successfully on May 20, 2016 having
raised aggregate gross proceeds of $4,250,000.
