Offering funds exploration and drilling program at Nivloc property
By Devika Patel
Knoxville, Tenn., Oct. 12 - International Millennium Mining Corp. said it raised C$822,700 in the first tranche of a C$1 million private placement of units. The deal priced Sept. 14.
The company is selling 12.5 million units of one common share and a warrant at C$0.08 per unit. It sold 10,283,750 units in the initial tranche.
Each warrant is exercisable at C$0.10 for 18 months. The strike price is a 33.33% premium to the Sept. 13 closing share price of C$0.075.
Proceeds will be used for exploration work, including a drilling program, on the company's Nivloc Silver and Gold Project in southwestern Nevada and working capital.
The company advances smaller mine properties to the mining stage and is based in Vancouver, B.C.
| Issuer: | International Millennium Mining Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1 million
|
| Units: | 12.5 million
|
| Price: | C$0.08
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.10
|
| Pricing date: | Sept. 14
|
| Settlement date: | Oct. 12 (for C$822,700)
|
| Stock symbol: | TSX Venture: IMI
|
| Stock price: | C$0.075 at close Sept. 13
|
| Market capitalization: | C$7.05 million
|
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