/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES./
VANCOUVER, BC, Nov. 14,
2023 /CNW/ - GR Silver Mining Ltd. ("GR
Silver Mining" or the "Company") (TSXV: GRSL) (OTCQB: GRSLF)
(FRANKFURT: GPE) – is pleased to announce it has closed the
non-brokered private placement (the "Offering") previously
announced on October 24, 2023. Under
the Offering, the Company has issued 30 million units for gross
proceeds of $1.2 million. No finder's
fees were paid in connection with the Offering. All securities
issued under the Offering are subject to a hold period expiring
March 11, 2024, in accordance with
applicable securities laws and the policies of the TSX Venture
Exchange ("TSXV").
The proposed use of proceeds from the Offering is: (i)
approximately 29% of the gross proceeds of the Offering will be
used to pay outstanding amounts currently owing to persons who are
arm's length to the Company; (ii) approximately 4% of the gross
proceeds will be used to pay outstanding amounts owing to
management and directors of the Company; and (iii) the balance of
the proceeds will be used to fund general working capital. No
proceeds under the Offering are expected to be paid to persons
conducting Investor Relations Activities (as such term is defined
in TSXV policies).
"GR Silver Mining is very pleased to welcome several new
shareholders with a long-term view aligned with management's vision
for the Company", noted CEO and Chair Eric
Zaunscherb. "In the wake of a positive resource update
Management has worked tirelessly to reduce overhead expenses and is
currently evaluating several strategic initiatives to pave the way
forward."
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 expanded Plomosas Project, which includes the integrated San
Marcial Area and La Trinidad
acquisition. 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.