31 Jan 2017
Gem International Resources Inc (CVE:GI) has reported a jump in assets and
cash levels while keeping losses in check, its fiscal 2016 earnings showed and
said it was preparing for a private placement worth up to C$500,000.
In the year to Sept 30, the alluvial diamonds explorer reported an explosion in
assets to $628,278 versus $13,762 in 2015.
At the end of Sept 2016, cash stood at $26,364 versus $11,169 in 2015.
The company recorded a comprehensive loss of $594,446 in the latest year
versus $504,870 the previous year.
The company said it intends to carry out a private placement to raise proceeds
of up to C$500,000 from the sale of up to 10,000,000 units at a price of C$0.05
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 $0.15 per such
common share.
The funds raised will be used for company working capital, as well as a
required payment to the principals of Global Gems' 30,000,000 shares -
10,000,000 shares on each of the third, fourth and fifth anniversaries of TSX
Venture approval.
After completing the private placement of not less than CDN$500,000, the
Company will pay to Global Gems the amount of $150,000 - the payment -
which also will be credited against year 1 expenditures.
Read more at http://www.stockhouse.com/companies/bullboard#E88qrhFY1RtAUZhc.99
