Deal funds acquisition of interest in silver and gold mine property
By Devika Patel
Knoxville, Tenn., May 23 - International Millennium Mining Corp. said it raised C$660,000 in the second tranche of a C$1.48 million private placement of units. The deal priced for C$1 million on Sept. 14 and raised C$822,700 on Oct. 12.
The company sold 18,533,750 units of one common share and a warrant at C$0.08 per unit. It sold 10,283,750 units in the initial tranche and 8.25 million units in the second 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 to acquire the balance of Silver Reserve Corp.'s interest in the Nivloc Silver and Gold Mine property and for 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$1,482,700
|
| Units: | 18,533,750
|
| Price: | C$0.08
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.10
|
| Pricing date: | Sept. 14
|
| Settlement dates: | Oct. 12 (for C$822,700), May 23 (for C$660,000)
|
| Stock symbol: | TSX Venture: IMI
|
| Stock price: | C$0.075 at close Sept. 13
|
| Market capitalization: | C$5.25 million
|
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