Business
Inomin Provides Update on La Gitana Transaction and Announces Closing of Private Placement in Trust
Vancouver, British Columbia--(Newsfile Corp. - October 7, 2020) - Inomin Mines Inc. (TSXV: ...
About this update from Inomin Mines Inc
[{"type":"text","content":"Inomin Provides Update on La Gitana Transaction and Announces Closing of Private Placement in TrustVancouver, British Columbia--(Newsfile Corp. - October 7, 2020) - Inomin Mines Inc. (TSXV: MINE) (\"Inomin\" or the \"Company\") announces that, further to its news release dated August 4, 2020, the Company has received conditional approval from the TSX Venture Exchange (the \"TSXV\") of its proposed acquisition of a 100% interest in the La Gitana and Pena Blanca gold-silver projects located in Oaxaca, Mexico (the \"Transaction\"). In connection with the Transaction, the Company also announces that it has closed its non-brokered private placement in trust, pending final approval from the TSXV, for gross proceeds of $400,500 (the \"Private Placement\"). The Company issued 5,340,000 common shares in the capital of the Company (each a \"Share\") priced at $0.075 per Share under the Private Placement.All securities issued under the Private Placement are subject to a four month and one day hold period. The proceeds of the Private Placement will be held in trust pending final approval of the Transaction. Final approval of the Transaction is subject to Inomin providing the TSXV additional information on the La Gitana property including completing a technical report. As consideration for Peak Asset Management Pty Ltd. (\"Peak\") introducing subscribers to the Company under the Private Placement, Peak is entitled to a finder's fee of $20,000 cash, comprised of a management fee equal to 1% of funds raised and a capital raising fee of 7% of funds raised through subscribers introduced to the Company by Peak under the Private Placement. Peak is also entitled to 266,666 Inomin common share purchase warrants (each a \"Warrant\"), with each Warrant entitling the holder to purchase an additional Share at an exercise price of $0.08 per Share until December 31, 2022.Inomin intends to use the proceeds of the Private Placement to establish operations in Mexico to move forward with the La Gitana project. About Inomin Mines Inomin Mines is engaged in the identification, acquisition and exploration of mineral properties especially gold and nickel projects that display strong potential to host significant mineral resources. Inomin is completing the acquisition of the La Gitana and Pena Blanca gold-silver properties in Mexico. The Company holds a 100% inter...