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VANCOUVER, Aug. 31 /CNW/ - GMV Minerals Inc. (the "Company" or "GMV") (TSX-V:GMV) is pleased to announce that further to its press release issued May 4, 2010, the TSX Venture Exchange (the "Exchange") has issued its Bulletin confirming that it has accepted for filing the letter agreement dated April 29, 2010 (the "Letter Agreement") entered into between GMV and Alfro Alphonso, as described in the May 4, 2010 press release with respect to the acquisition of 100% interest in certain mineral rights in Guyana, South America. In furtherance to the Letter Agreement, on August 26, 2010 the Company entered into a formal agreement as contemplated by the Letter Agreement. Under the terms of the formal agreement (the "Agreement"), GMV will continue to have the rights to buy back the 2% non-transferable net smelter return royalty which it granted to the Optionor, however the buyback price has been fixed at US$8.5 million, regardless of the size of the delineated mineral resource at the time of buy back. The Agreement deals with certain other administrative matters, such as providing for an arbitration mechanism in the event a dispute arises in relation to the Agreement but otherwise does not provide for any further substantive changes to and incorporates the Letter Agreement.
As final Exchange approval has been obtained, GMV will issue, at the direction of the Optionor, the first tranche of shares issuable upon Exchange acceptance as provided for in the Agreement, being 1,512,753 common shares together with the initial cash payment required of $150,000. Additionally, a finder's fee of 750,000 common shares of GMV will be paid to Bear Trade Corporation, with 565,000 common shares to be initially issued and the balance to be issued following the first anniversary date of the issuance of the Bulletin.
Lastly, the Company announces that is has granted incentive stock options to various directors, officers and consultants to purchase up to 1,975,000 common shares at an exercise price of $0.20 per share for a period of 5 years from date of grant.
About GMV Minerals Inc.
GMV Minerals Inc. is a junior exploration company focused on the discovery of gold assets in Guyana, South America. The Company is fully financed and will conduct a variety of advanced exploration methods during 2010 to add value for its shareholders.
Neither 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 or has in any way passed upon the merits of the Acquisition and has neither approved nor disproved the contents of this press release.
This news release may contain forward-looking statements based on assumptions and judgments of management of the Company regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements except as may be required by law.
SOURCE GMV Minerals Inc.
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GMV Minerals Inc.
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