TORONTO, June 22 /CNW/ - Libra Advisors, LLC ("Libra") announced today that Libra Fund, L.P. and Libra Offshore Master Fund, L.P. (the "Funds") acquired 10,000,000 Units of GMV Minerals Inc. ("GMV") at a price of $0.15 per Unit in connection with GMV's private placement. Each Unit is comprised of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share in the capital of GMV at a price of $0.25 for a period of 24 months following the closing date, being June 21, 2010. The securities issued pursuant to the private placement will be subject to trade restrictions expiring four months and one day following the closing date pursuant to applicable securities laws.
As a result of the acquisition, the Funds now hold 10,000,000 common shares representing approximately 27.37% of the outstanding common shares of GMV, and 5,000,000 warrants of GMV that, if exercised, would result in the Funds holding approximately 36.12% of the outstanding common shares of GMV.
The Funds acquired the Units for investment purposes and may, from time to time, acquire additional securities of GMV or dispose of such securities as it may deem appropriate.
Libra is the investment advisor to Libra Fund, L.P. and Libra Offshore Master Fund, L.P. with principal offices at 909 Third Avenue, 29th Floor, New York, NY 10022.
SOURCE LIBRA ADVISORS, LLC
For further information: For further information: Mr. Ranjan Tandon, Managing Member, at (212) 350-5125