Business
Inomin Closes Oversubscribed Private Placement
Vancouver, British Columbia--(Newsfile Corp. - May 31, 2023) - Inomin Mines Inc. (TSXV: MINE ...
About this update from Inomin Mines Inc
[{"type":"text","content":"Inomin Closes Oversubscribed Private PlacementVancouver, British Columbia--(Newsfile Corp. - May 31, 2023) - Inomin Mines Inc. (TSXV: MINE) (\"Inomin\" or the \"Company\") is pleased to announce it has closed an oversubscribed non-brokered private placement (the \"Private Placement\"). Further to announcements dated May 2 and May 4, 2023, the Company has completed the issuance of 3,992,142 units (each, a \"Unit\") at a price of $0.07 per Unit and 3,275,000 flow-through units (each, a \"FT Unit\") at a price of $0.10 per FT Unit for gross proceeds of $606,950. Each Unit consists of one common share in the capital of the Company (a \"Share\") and one Share purchase warrant of the Company (each, a \"NFT Warrant\"). Each NFT Warrant is exercisable by the holder to acquire one Share for a period of 36 months from the date of closing of the Private Placement at a price of C$0.13 per Share.Each FT Unit consists of one Share that will qualify as a \"flow-through share\" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the \"Tax Act\") and one Share purchase warrant the Company (a \"FT Warrant\"). Each FT Warrant is exercisable by the holder to acquire one Share for a period of 24 months from the date of closing of the Private Placement at a price of C$0.15 per Share.In connection with the Private Placement, the Company issued an aggregate of 256,550 non-transferrable finder's warrants (the \"Finder's Warrants\") and paid finder's commissions of an aggregate of $24,574. 36,050 Finder's Warrants were issued on the same terms as the NFT Warrants and 220,500 Finder's Warrants were issued on the same terms as the FT Warrants.All securities issued pursuant to the Private Placement, including the Shares issuable upon exercise of the Finder's Warrants, are subject to hold period expiring on September 30, 2023, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The Company intends to use the proceeds of the Private Placement 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. Inomi...