(TSX-V : GDM) (GDMIF. : OTCM)
QUEBEC CITY, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Goldstar Minerals Inc. (TSX-V : GDM) (the "Company") announces that the TSX Venture Exchange (the "TSX-V") has approved its previously announced name change from "Goldstar Minerals Inc." to "Green Mining Innovation". Starting on November 9, 2023, the stock will trade under the symbol GMI.
The new CUSIP number will be 39312G105, and the new ISIN number will be CA39312G1054 under the new company name. The company's share capital remains unchanged.
Company Update
The Company announces that the TSX Venture Exchange ("TSX-V") has given approval for the Company's previous announcement: (i) the non-brokered private placement of 9 166 666 units (the "Placement") which closed on August 15, 2023, for a total gross proceeds of $550 000 (press release issued on August 18, 2023, for more details);
and (ii) the purchase and sale agreement (the "Acquisition Agreement") dated January 27, 2023, as amended, under which the Company acquired (the "Acquisition") a 100% interest in the I.M.V. Project on August 15, 2023, in exchange for the issuance of 18 000 000 common shares (each being a "Share") of the Company (press releases issued on May 11 and August 18, 2023, for more details).
The Company paid a finder's fee of 900 000 Shares in connection with the Acquisition.
An insider of the Company subscribed for a total of 1 185 000 units under the Placement, which constituted a "related party transaction" within the meaning of Regulation 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101").
The issuances to the insider are exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b) since the Company's shares are not listed on a specified market, and from the requirement for minority shareholder approval of MI 61-101 pursuant to the exemption in Section 5.7(a) of MI 61-101, in that the fair market value of the consideration for the securities issued to related parties does not exceed 25% of the Company's market capitalization.
The Company has not filed a material change report more than 21 days before the expected closing of the Placement and the Acquisition, as the details of the transactions and the participation of the Company's insiders were only settled shortly prior to closing and the Company wanted to close the transactions quickly for sound business reasons.
About Goldstar
Goldstar is a mineral exploration company dedicated to exploration in Canada with a real concern for environmental protection. Its 4 main properties are located in Quebec and Newfoundland in Canada, regions recognized worldwide for their content of significant deposits of base metals and precious metals.
Technology and environment at the heart of Green Mining Innovation’s development
Mr. Alexandru Arhire, following the announcement of a new position in West Africa, will not be able to serve as a director on the board but will remain as a consultant for upcoming construction phases.
Mr. Louis Marcoux has been appointed Chairman of the Board.
Mr. Marcoux holds a degree in mining engineering from Laval University and has over 40 years of experience in the mining industry in Quebec. He specializes in the application of laws governing the mining sector in Quebec and has advanced expertise in implementing mine site restoration technologies and environmental standards. Mr. Marcoux has held the position of Expert Engineer at the Ministry of Natural Resources of Quebec (MERN).
Mr. Pierro Chicoine will be responsible for new technologies, and in order to optimize productivity, the Company has tasked him with improving communication and collaboration among work teams while ensuring secure and efficient data management. His expertise is expected to drive innovation in a constantly evolving world.
Mr. Chicoine has been granted 200 000 stock options (the “Options”) to purchase Shares. The Options are best on the date of issuance and are exercisable for a period of 5 years from the date of the grant at an exercise price of $0.11 per Share.
Link to the site, management,
https://greenmininginnovation.ca/en/gestionnaires/
For more information please contact :
André Gagné
CEO
TSX-V : GDM
581-983-6815
info@greenmininginnovation.ca
Disclaimer
“ Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.”
This press release contains "forward-looking information" within the meaning of applicable securities laws. This information is based on the current expectations, estimates, forecasts, and projections of the management of Green Mining Innovation. Statements about future projects, including their environmental impact, profitability, and production expectations, are forward-looking information. Although the Company believes that the expectations expressed in this forward-looking information are based on reasonable assumptions, this information is not a guarantee of future performance, and current results or realities may materially differ from those anticipated in the forward-looking information.
Any investment in the company carries risks that should be independently assessed by each investor. Green Mining Innovation assumes no obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.
