Industrial Minerals holds off on $5 million placement of special warrants

By Laura Lutz

Des Moines, Dec. 20 - Industrial Minerals Inc. will not conduct its previously announced $5 million private placement of special warrants at this time, according to a news release.

The company said it is deferring the placement because of volatile market conditions.

Industrial Minerals will reevaluate the market in early 2008, when management believes that the market may more accurately reflect the company's valuation, the release said.

The deal was going to be brokered, and settlement was expected on Dec. 20.

Proceeds were to have been used for building the company's planned pilot plant, preparation of an application for a Canadian stock exchange listing and for general corporate purposes.

Industrial Minerals is a mineral exploration and development company based West Perth, Australia.

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