Business
Inomin Announces Repricing of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - May 4, 2023) - Inomin Mines Inc. (TSXV: MINE )...
About this update from Inomin Mines Inc
[{"type":"text","content":"Inomin Announces Repricing of Private PlacementVancouver, British Columbia--(Newsfile Corp. - May 4, 2023) - Inomin Mines Inc. (TSXV: MINE) (\"Inomin\" or the \"Company\") announces that it has repriced its previously announced non-brokered private placement of units for gross proceeds of up to $600,000 (the \"Offering\"). The Offering will be comprised of a combination of non-flow-through units (the \"NFT Units\") and flow-through units (the \"FT Units\"). The NFT Units have been repriced from $0.075 to $0.07 per NFT Unit. Each NFT Unit will be comprised of one common share of the Company (each, a \"Share\") and one Share purchase warrant (a \"NFT Warrant\"). The new terms of each NFT Warrant entitle the holder thereof to acquire one Share of the Company at a price of $0.13 for a period of 36 months from the closing date of the Offering. There is no change to the previously announced price of the FT Units or their underlying securities. Each FT Unit will be sold at a price of $0.10 per FT Unit. Each FT Unit will be comprised of one Share and one Share purchase warrant (a \"FT Warrant\"). Each FT Warrant will entitle the holder thereof to acquire one Share of the Company at a price of $0.15 for a period of 24 months from the closing date of the Offering. Inomin intends to use the gross proceeds raised from the Offering for exploration and related programs on the Company's mineral properties including drilling at the Beaver-Lynx project in south-central British Columbia where the Company has made a significant critical minerals discovery. The proceeds from the issue and sale of the NFT Units will also be used for general working capital purposes. The entire gross proceeds from the issue and sale of the FT Units will be used for Canadian Exploration Expenses as such term is defined in paragraph (f) of the definition of \"Canadian exploration expense\" in subsection 66.1(6) of the Tax Act, and \"flow through mining expenditures\" as defined in subsection 127(9) of the Tax Act that will qualify as \"flow-through mining expenditures,\" and \"BC flow-through mining expenditures\" as defined in subsection 4.721(1) of the Income Tax Act (British Columbia), which will be incurred on or before December 31, 2024 and renounced with an effective date no later than December 31, 2023 to the initial purchasers of FT Units.The Company may pay fi...