G Mining Ventures Corp announced that the Gignac Family, management, and directors (Insiders) have exercised a cumulative total of six million common share purchase warrants, generating aggregate proceeds of about C$4.9 million.
Together with its previous cash balances, the company said it now has approximately C$65 million in cash.
The warrants were issued in connection with the corporation's private placement of units completed in November 2020 and were set to expire on May 25, 2022, and also June 15, 2022, for warrants held by Life of Mine Investments Inc and related persons. The exercise price of the warrants was C$0.80.
READ: G Mining Ventures delivers new robust feasibility study for its Tocantinzinho gold project in Brazil
After giving effect to these warrant exercises, G Mining has 241,895,914 common shares issued and outstanding as of March 28, 2022, with an additional 73,959,770 warrants outstanding.
The Insiders now beneficially own and control 34,423,974 common shares representing approximately 14.2% of the corporation's outstanding shares. Since the inception of the corporation, Insiders have invested approximately C$17 million in its share capital and have sold no shares.
"We are extremely pleased about the Insiders' continued belief in the long-term value of GMIN, and their ongoing support in our planned corporate activities on Tocantinzinho, including the project financing process, further project optimization opportunities and early works activities leading into the construction decision targeted for H2 2022," said CEO Louis-Pierre Gignac in a statement.
The permitted Tocantinzinho project, is located in Para State, Brazil. Tocantinzinho is an open-pittable gold deposit containing two million ounces of reserves at 1.3 grams per ton (g/t). The deposit is open at depth, and the underexplored 688 square-kilometer land package presents additional exploration potential.
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