Business
IMC International Mining Corp. Completes Acquisition of Thane Minerals Inc.
VANCOUVER, BC / ACCESSWIRE / April 2, 2020 / International Mining Corp (CSE:IMCX) (OTC PINK:IMIMF) (the "Company" or "IMC"), is pleased to announce, further to
About this update from Copper Quest Exploration Inc.
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / April 2, 2020 / International Mining Corp (CSE:IMCX) (OTC PINK:IMIMF) (the \"Company\" or \"IMC\"), is pleased to announce, further to its news release dated March 18, 2020, that it has completed the acquisition (the \"Acquisition\") of 100% of the issued and outstanding share capital of Thane Minerals Inc. (\"Thane\"). Thane holds a 100% interest in an approximately 206 km2 (50,904 acres) land package (the \"Land Package\") located in north-central British Columbia, which includes six highly prospective mineralized areas identified to date including the ‘Cathedral prospect'. Purchase Consideration As consideration for the Acquisition, IMC has issued to the former shareholders of Thane (the \"Vendors\") an aggregate of $2-million CAD worth of common shares in the capital of IMC, at a deemed price of $0.38 per common share, for a total of 5,263,158 IMC shares (the \"IMC Shares\"). The IMC Shares will be escrowed and released over a 36-month period. In addition to the foregoing, if, through additional exploration programs, a resource calculation of at least 800,000,000lbs of copper-equivalent, as determined based on a National Instrument 43-101 (Standards of Disclosure for Mineral Projects) (\"NI 43-101\") compliant resource estimate, is determined to be indicated within the Cathedral prospect area, then IMC will issue an additional aggregate of $2-million CAD worth of common shares (or cash in lieu, at IMC's option) to the Vendors. Changes to the Board In connection with the completion of the Acquisition, Mr. Thomas Greg Hawkins has been appointed as a Director and Chairman of the Board of IMC. Mr. Hawkins holds a BSc in Geology from the University of Alberta and an MSc in Mineral Economics from McGill University. He has been involved in the Mining Exploration and Investment industries since 1969 and has been variously responsible for the identification and/or delineation of 10 mineral deposits in Canada, USA, Chile, Ghana, Mali and Zaire (DRC). Mr. Hawkins is currently a Director of New Pacific Metals Corp. (NUAG) and was the Founding Project Consultant and/or Founding Director of seven public and private Exploration/Development ventures (Brohm Mining, Dayton Mining, Nevsun Resources, Banro Resource Corp., Tagish Lake Gold Corp., African Gold Group, Yellowhead Mining Inc.) and has participated in or...