Gem International Arranges $3M Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 19, 2016) - Gem International Resources Inc. (the "Company") (TSX VENTURE:GI) wishes to announce that it intends to carry out a private placement raising proceeds of $3,000,000 for the sale of up to 30,000,000 units at a price of $0.10 per unit. Each unit will consist of one common share and one non-transferable share purchase warrant for the purchase of one further common share of the Company within two years of the date of grant at the price of $0.20 per such common share.
The funds shall be used for the Company's working capital, the preparation of documents for regulatory approval of the Company's option agreement pertaining to the Dala diamond exploration project in Angola as previously announced (the "Transaction") and business operations of the Company following the completion of the Transaction. The Financing is subject to regulatory approval and customary resale restrictions.
The maximum allowable finder's fee shall be paid in cash, shares or warrants in accordance with the policies of the TSX Venture Exchange.
On behalf of the Board of GEM INTERNATIONAL RESOURCES INC.
Simon Tam, Director
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 press release.