Deal funds development of bulk sampling program at Pardo gold project
By Devika Patel
Knoxville, Tenn., April 11 – Inventus Mining Corp. said it completed a C$1.3 million non-brokered private placement of senior secured convertible debentures. The deal priced for C$2 million on Feb. 25.
The 8% debenture was sold in C$100,000 increments and matures in two years. It converts to common shares at a conversion price of C$0.05, which is a 66.67% premium to C$0.03, the Feb. 24 closing share price.
In connection with the offering, chairman and chief executive officer Wayne Whymark bought a C$250,000 flow-through special warrant, which is exercisable into common shares at C$0.05, and Evanachan Ltd. bought C$500,000 of debentures. Osisko Gold Royalties Ltd. purchased US$300,000 in debentures.
Proceeds will be used for development of the bulk sampling program at the company’s Pardo gold project and for general working capital purposes.
The resource exploration company is based in Toronto and explores for gold.
| Issuer: | Inventus Mining Corp.
|
| Issue: | Senior secured convertible debentures
|
| Amount: | C$1.3 million
|
| Maturity: | Two years
|
| Coupon: | 8%
|
| Conversion premium: | 66.67%
|
| Conversion price: | C$0.05
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investors: | Wayne Whymark (for a C$250,000 flow-through special warrant), Evanachan Ltd. (for C$500,000), Osisko Gold Royalties Ltd. (for US$300,000)
|
| Pricing date: | Feb. 25
|
| Settlement date: | April 11
|
| Stock symbol: | TSX Venture: IVS
|
| Stock price: | C$0.03 at close Feb. 24
|
| Market capitalization: | C$6.39 million
|
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