MONTREAL, July 24, 2012 /CNW Telbec/ - GeoVenCap Inc. (TSXV: GOV) ("GeoVenCap" or the "Company") announces that it has closed a non-brokered, arm's length private
placement (the "Private Placement") of 416,666 units at a price of $0.24 each, for gross proceeds of
$100,000. Each unit is comprised of one common share and one warrant
entitling the holder to subscribe for one common share upon payment of
$0.35 for a period of 24 months.
No finder's fees or commissions were paid in connection with the Private
Placement. The securities issued under the Private Placement are
subject to a four-month hold period and TSX Venture Exchange
The proceeds of the Private Placement will be used for exploration on
the New Brunswick projects and for working capital purposes.
GeoVenCap is a mineral company focused on exploration principally for
silver and gold in northern New Brunswick. Its priority is to explore
and develop four highly prospective projects located between 30 and 105
km west and southwest of the city of Bathurst, New Brunswick: the
California Lake Silver Project, the Upsalquitch Gold Project, the
Williams Brook Gold Project and the Bathurst Mining Camp - Base Metal
Project. These projects are in close proximity of mines and advanced
projects owned by Xstrata, Votorantim and Trevali Mining.
This news release contains discussion of items that may constitute
forward-looking statements within the meaning of securities laws that
involve risks and uncertainties. Although the company believes the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurances that its expectations
will be achieved. Factors that could cause actual results to differ
materially from expectations include the effects of general economic
conditions, actions by government authorities, uncertainties associated
with contract negotiations, additional financing requirements, market
acceptance of the Company's products and competitive pressures. These
factors and others are more fully discussed in Company filings with
Canadian securities regulatory authorities.
"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 release."
SOURCE: GeoVenCap Inc.
For further information:
President and Chief Executive Officer
514 868-9408 x255