GMV Minerals Inc. closes non-brokered financing

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VANCOUVER, Feb. 16 /CNW/ - GMV Minerals Inc. (the "Company" or "GMV") (TSX-V:GMV) is pleased to announce that it has closed its recently announced non-brokered private placement. The Company issued an aggregate of 6,380,000 units at a price of $0.05 (Cdn) per unit for gross proceeds of $319,000. Each unit consists of one common share and one share purchase warrant which entitles the holder to purchase an additional common share of the Company at a price of $0.10 until August 12, 2011.

The Company paid cash finders' fees of CAD $11,760, representing 3.7% of the aggregate proceeds of the offering. The Units issued in the second tranche are subject to a 4-month hold period expiring June 13, 2010.

The net proceeds of the Offering will be used to advance the proposed business combination involving GMV and a private Ecuadorian mining producer previously announced on January 22, 2010 and for general working capital.

    
    ON BEHALF OF THE BOARD OF DIRECTORS

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    Ian Klassen, President
    

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.

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.

For further information: GMV Minerals Inc., Ian Klassen, Tel: [phone], Email: [email protected]