Deal conducted in connection with acquisition of Quimsacocha Project
By Devika Patel
Knoxville, Tenn., Aug. 24 - INV Metals Inc. said it plans a C$20 million private placement of subscription receipts. The deal has a C$3 million greenshoe.
The company will sell 200 million receipts at C$0.10 apiece. The purchase price is identical to the Aug. 23 closing share price.
Each receipt will be automatically converted into one common share.
Dundee Securities Ltd. and Cormark Securities Inc. are the co-lead agents of a syndicate that includes GMP Securities LP, Primary Capital Inc., PowerOne Capital Markets Ltd. and Raymond James Ltd.
Settlement is expected Sept. 6.
The offering is being conducted in connection with the company's acquisition of the Quimsacocha Project in Ecuador.
The base and precious metals explorer is based in Toronto.
| Issuer: | INV Metals Inc.
|
| Issue: | Subscription receipts convertible into common shares
|
| Amount: | C$20 million
|
| Greenshoe: | C$3 million
|
| Receipts: | 200 million
|
| Price: | C$0.10
|
| Warrants: | No
|
| Agent: | Dundee Securities Ltd. and Cormark Securities Inc. (co-leads), GMP Securities LP, Primary Capital Inc., PowerOne Capital Markets Ltd. and Raymond James Ltd.
|
| Pricing date: | Aug. 24
|
| Settlement date: | Sept. 6
|
| Stock symbol: | Toronto: INV
|
| Stock price: | C$0.10 at close Aug. 23
|
| Market capitalization: | C$7.05 million
|
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