TORONTO, Aug. 3, 2012 /CNW/ - Guyana Precious Metals Inc. (TSXV-GPM) ("GPM" or the "Company") is pleased to announce that Patrick Sheridan has acquired an additional 4,000,000 common shares of the Corporation (the "Common Shares") over the facilities of the TSX Venture Exchange at a price of $0.07 per common share. The Common Shares acquired represent ownership and control of approximately 4.6% of the issued and outstanding Common Shares as at the date hereof.
Following the acquisition, Mr. Sheridan owns and controls an aggregate of 18,090,250 Common Shares representing approximately 20.75% of the issued and outstanding Common Shares as at the date hereof (or approximately 28.7% calculated on a partially diluted basis, assuming the exercise of the 9,700,000 convertible securities held by him). The Common Shares were acquired in reliance on the Private Agreement Exemption pursuant to Section 100.1 of the Securities Act (Ontario).
The purchase of the Common Shares by Mr. Sheridan was effected for investment purposes. Mr. Sheridan may from time to time acquire additional securities of the Company, dispose of some or all of the existing or additional securities he holds or will hold, or may continue to hold his current position.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning and Related Take-Over Bid and Insider Reporting Issues. A report containing additional information with respect to the foregoing matters will be filed with the Securities Commission in each jurisdiction where the Company is a reporting issuer and can be obtained through the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
GPM is led by an experienced management team with demonstrable project generation and development talents in Guyana. The Company is presently expanding the exploration and development of its Aremu and Peters Mine Properties; 2 of the 4 historical past gold producers in Guyana. GPM maintains an interest in acquiring additional key exploration and development properties in the country of Guyana.
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: Guyana Precious Metals Inc.
For further information:
Guyana Precious Metals Inc.
141 Adelaide Street West
Toronto, Ontario M5H 3L5
Attn: John Patrick Sheridan
Tel: (416) 628-5936
Fax: (416) 628-6835