Non-brokered offering sells 15 million common shares at C$0.20 apiece
By Devika Patel
Knoxville, Tenn., April 11 – INV Metals Inc. said it will conduct a C$3 million non-brokered private placement of stock.
The company will sell 15 million common shares at C$0.20 per share, which is a 31.04% discount to the April 8 closing share price of C$0.29.
Settlement is expected in mid-April.
“We are very pleased to have secured the funds that will allow the company to get a head start on the BFS, while not depleting our treasury,” chief executive officer Candace MacGibbon said in a press release.
“The company is focused on completing the critical path items required to develop the project and will immediately begin the design of geotechnical, metallurgical and environmental drill and testing programs which will allow for the collection of data required to refine processing and mine design and conduct a BFS.”
The base and precious metals explorer is based in Toronto.
| Issuer: | INV Metals Inc.
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| Issue: | Common shares
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| Amount: | C$3 million
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| Shares: | 15 million
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| Price: | C$0.20
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| Warrants: | No
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| Agent: | Non-brokered
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| Pricing date: | April 11
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| Stock symbol: | Toronto: INV
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| Stock price: | C$0.29 at close April 8
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| Market capitalization: | C$16.31 million
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