(TheNewswire)
Vancouver, BC - TheNewswire - December 28, 2022 - GSP Resource Corp. ( TSXV:GSPR ) (the “ Company ” or“ GSP ”) is pleased to announce it hasclosed a previously announced non-brokered private placement financing(the “ Private Placement ”) of1,512,500 units (each, a “ Unit ”) at a price of $0.08 per Unit foraggregate gross proceeds of $121,000. Each Unitconsists of one ‘flow-through’ (within themeaning of the Income Tax Act(Canada) ) common share(each a “ FTShare ”) and one transferable common sharepurchase warrant (“ Warrants ”). Each Warrant entitles the holderto purchase one common share of the Company at a price of $0.15 pershare for a period of one (1) year following the date ofissuance.
The Company intends to use the proceeds from the saleof the FT Shares towards exploration and development work on the Alwin Mine Copper Project.
All securities issued under the Private Placement aresubject to a four month hold period in accordance with applicablesecurities laws. No Finder’s fees were paid in connection with thePrivate Placement.
Three insiders of the Company subscribed for a total of950,000 Units for total gross proceeds of $68,000 under the PrivatePlacement. Participation by the insiders constitutes a related partytransaction as defined under Multilateral Instrument 61-101(“ MI 61-101 ”). The Company is relying on the exemptions from thevaluation and minority shareholder approval requirements of MI 61-101contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fairmarket value of the participation in the Private Placement by insidersdoes not exceed 25% of the market capitalization of the Company, asdetermined in accordance with MI 61-101.
About GSP Resource Corp.: GSP Resource Corp. is a mineral exploration &development company focused on projects located in SouthwesternBritish Columbia. The Company has an option to acquire a 100%interest and title to the Alwin Mine Copper-Gold-Silver Property inthe Kamloops Mining Division. GSP also owns 100% of the OlivineMountain Property in the Similkameen Mining Division of which it hasgranted an option to earn a 60% interest to a third party.
Contact Information - For more information, please contact:
Simon Dyakowski, Chief Executive Officer &Director
Tel: (604) 619-7469
Email: simon@gspresource.com
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
This news release does not constitute an offer to sellor a solicitation of an offer to buy nor shall there be any sale ofany of the securities in any jurisdiction in which such offer,solicitation or sale would be unlawful, including any of thesecurities in the United States of America. The securities have notbeen and will not be registered under the United States Securities Actof 1933, as amended (the “ 1933 Act ”) or anystate securities laws and may not be offered or sold within the UnitedStates or to, or for account or benefit of, U.S. Persons (as definedin Regulation S under the 1933 Act) unless registered under the 1933Act and applicable state securities laws, or an exemption from suchregistration requirements is available.
Forward-Looking Information
This news release contains “forward?lookinginformation or statements” within the meaning of applicablesecurities laws, which may include, without limitation , the intended use of proceeds of the Private Placement,completing additional work on the Alwin Project, other statementsrelating to the technical, financial and business prospects of theCompany, its projects and other matters . All statements in this news release, other thanstatements of historical facts, that address events or developmentsthat the Company expects to occur, are forward-looking statements.Although the Company believes the expectations expressed in suchforward-looking statements are based on reasonable assumptions, suchstatements are not guarantees of future performance and actual resultsmay differ materially from those in the forward-looking statements.Such statements and information are based on numerous assumptionsregarding present and future business strategies and the environmentin which the Company will operate in the future, including the priceof metals, the ability to achieve its goals, that general business andeconomic conditions will not change in a material adverse manner, thatfinancing will be available if and when needed and on reasonableterms. Such forward-looking information reflectsthe Company’s views with respect to future events and is subject torisks, uncertainties and assumptions, including those filed under theCompany’s profile on SEDAR at www.sedar.com . Factors that could cause actual resultsto differ materially from those in forward looking statements include,but are not limited to, continued availability of capital andfinancing and general economic, market or business conditions, adverseweather and climate conditions, decrease in the price of copper andother metals, failure to maintain all necessary government permits,approvals and authorizations, failure to maintain community acceptance(including First Nations), increase in costs, litigation, and failureof counterparties to perform their contractualobligations. The Company does not undertake toupdate forward?looking statements or forward?looking information,except as required by law.
Not for distribution to U.S.newswire services or for dissemination in the United States
Copyright (c) 2022 TheNewswire - All rights reserved.