GSP Resource Corp. Announces Private Placement With a Syndicate Led by Palisades Goldcorp

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Vancouver, British Columbia , July 30, 2020 (GLOBE NEWSWIRE) -- GSP Resource Corp. (TSX-V: GSPR) (the “Company” or “GSP”) is pleased to announce that it has secured a $400,000 private placement of 1,333,334 units (each a “Unit”) at a price of $0.30 per Unit with a syndicate led by Palisades Goldcorp Ltd. (the “Private Placement”). Each Unit consists of one common share and one common share purchase warrant (the “Warrants”). Each Warrant entitles the holder to purchase one common share of the Company at a price of $0.45 per share for a period of three (3) years following the date of issuance. No finder fees will be paid in connection with the Private Placement. The Private Placement is subject to final approval by the Exchange.

All securities issued pursuant to the Private Placement are subject to a four-month hold period from the closing date in accordance with applicable securities laws.

Proceeds from the Private Placement are expected to be used for exploration on the Alwin project and general working capital purposes.

About Palisades Goldcorp: Palisades Goldcorp is Canada's new resource focused merchant bank. Palisades' management team has a demonstrated track record of making money and is backed by many of the industry's most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.

About GSP Resource Corp.: GSP Resource Corp. is a mineral exploration & development company focused on projects located in Southwestern British Columbia.  The Company has an option to acquire a 100% interest and title to the Alwin Mine Copper-Gold-Silver Property in the Kamloops Mining Division, as well as an option to acquire 100% interest and title to the Olivine Mountain Property in the Similkameen Mining Division.

Contact Information - For more information, please contact:
Simon Dyakowski, Chief Executive Officer & Director
Tel: [phone]
Email: [e-mail]

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 release.