/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES./
VANCOUVER, BC, July 31,
2023 /CNW/ - GR Silver Mining Ltd. ("GR Silver
Mining" or the "Company") (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT:
GPE) – announces that it has repriced the non-brokered private
placement of units (each, a "Unit") for gross proceeds of up
to $1 million (the
"Offering"), previously announced July 11. The price per Unit has been repriced
from $0.075 to $0.05 per Unit. Each Unit will consist of one
common share of the Company and one-half (½) of one common share
purchase warrant. Under the new terms, each whole warrant
will entitle the holder to purchase one common share of the Company
at a price of $0.08, reduced from
$0.12, at any time on or before that
date which is 24 months after the closing date of the Offering.
The gross proceeds received from the sale of the Units will be
used for the advancement of studies on the Company's Plomosas
Project and for general working capital.
The Units will be offered to qualified investors in reliance
upon exemptions from the prospectus and registration requirements
of applicable securities legislation. The Company will pay
finders' fees to eligible finders in connection with the Offering,
subject to compliance with applicable securities laws and the
policies of the TSXV.
All securities issued and sold under the Offering will be
subject to a hold period expiring four months and one day from
their date of issuance. Completion of the Offering and the
payment of any finders' fees remain subject to the receipt of all
necessary regulatory approvals, including the approval of the
TSXV.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States of America. The
securities have not been and will not be registered under the
United States Securities Act of 1933 (the "1933 Act") or any state
securities laws and may not be offered or sold within the United States or to U.S. Persons (as
defined in the 1933 Act) unless registered under the 1933 Act and
applicable state securities laws, or an exemption from such
registration is available.
About the Plomosas Project
The Plomosas Project,
including the recent high-grade silver SE Area discovery in the San
Marcial Area, is an emerging high-grade silver district located in
southern Sinaloa, Mexico. The
Plomosas Project, covering 43,187 ha, benefits from mine
infrastructure, road access, and existing permits associated with
past-producing historical mining sites. The district contains
intermediate to low sulphidation epithermal silver and gold
mineralization hosted in hydrothermal breccias and veins. Recent
success in exploration and drilling has delineated wide,
high-grade, shallow hydrothermal breccias in the San Marcial Area,
including the SE Area discovery, where drilling incorporated into
the updated March 2023 Plomosas
Project mineral resource estimation highlighted an exploration
opportunity for continuous resource growth.
About GR Silver Mining Ltd.
GR Silver Mining is a Canadian-based, Mexico-focused junior mineral exploration
company engaged in cost effective silver-gold resource expansion on
its 100%-owned assets, located on the eastern edge of the Rosario
Mining District, in the southeast of Sinaloa State, Mexico. GR Silver Mining controls 100% of two
past producer precious metal underground and open pit mines, within
the expanded Plomosas Project, which includes the integrated San
Marcial Area and La Trinidad
acquisition. In conjunction with a portfolio of early to advanced
stage exploration targets, the Company holds 734 km2 of
concessions containing several structural corridors totaling over
75 km in strike length.
GR Silver Mining Ltd.
Eric Zaunscherb, Chair &
CEO
Cautionary Statement Regarding Forward-Looking
Information
This press release contains
"forward-looking statements" within the meaning of applicable
Canadian securities legislation and information that are based on
the beliefs of management and reflect the Company's current
expectations. When used in this press release, the words
"estimate", "project", "belief", "anticipate", "intend", "expect",
"plan", "predict", "may" or "should" and the negative of these
words or such variations thereon or comparable terminology are
intended to identify forward-looking statements and information.
Such statements and information reflect
the current view of the Company. Risks and uncertainties
may cause actual results to differ materially from those
contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause our
actual results, performance or achievements, or other future
events, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements.
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 press release.
SOURCE GR Silver Mining Ltd.