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 acceptance.
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.
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