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Inovent Capital Completes Qualifying Transaction and Private Placement
Vancouver, British Columbia--(Newsfile Corp. - February 1, 2017) - David Brett, CEO, reports that Inomin Mines Inc. (TSXV: MINE) (formerly Inovent Capital Inc.;
About this update from Inomin Mines Inc
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - February 1, 2017) - David Brett, CEO, reports that Inomin Mines Inc. (TSXV: MINE) (formerly Inovent Capital Inc.; TSXV: IVQ.P) (the \"Company\") has received final approval from the TSX Venture Exchange (\"TSX-V\") for its Qualifying Transaction (\"QT\") under the rules of the TSX-V's Capital Pool Program, and will recommence trading at the open on Thursday, February 2nd, 2017 under its new name Inomin Mines Inc. and new trading symbol MINE, and will no longer be considered a Capital Pool Company. The Company's QT consisted of the acquisition of 100% of the King's Point Property (the \"Property\") in Newfoundland under the terms outlined below. At commencement of trading, the Company will have 12,768,259 shares outstanding, of which 2,300,000 are subject to a 3-year escrow period. Following the issuance of the Property acquisition escrow shares outlined below, the Company will have 15,518,259 shares outstanding. Located in the Green Bay area of Newfoundland, the Property comprises 129 claims covering 3,225 hectares within two separate blocks (North & South) hosting numerous mesothermal gold and Buchans-type volcanogenic massive sulphide exploration targets in an established precious- and base-metal mineral belt. See below for additional Property details. To acquire 100% of the Property, subject to an NSR of 2.5% in favour of the vendors (1.5% of which NSR is purchasable at any time for $1,000,000), Inomin will issue 2,750,000 escrow shares to the vendor. As part and parcel of the QT, the Company has closed a fully subscribed private placement consisting of 7,903,459 units at $0.07 per unit (the \"Units\") for gross proceeds of $553,242.13. Each Unit consists of one common share and one warrant to purchase an additional common share at a price of $0.10 for a period of two years ending January 30, 2019. All securities issued under the placement are subject to a hold period of 4 months ending May 31, 2017. Finder's fees paid under the financing consist of $3,903.20 in cash and the issuance of 55,760 warrants exercisable at $0.10 for two years. Certain insiders of the Company participated in the private placement, constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Specia...