Business
Voleo (Intrepid Metals) Provides an Update on Financing, Change of Business and Tombstone South Project Activities
Vancouver, British Columbia--(Newsfile Corp. - April 5, 2022) - Voleo Trading Systems Inc. ...
About this update from Intrepid Metals Corp.
[{"type":"text","content":"Voleo (Intrepid Metals) Provides an Update on Financing, Change of Business and Tombstone South Project ActivitiesVancouver, British Columbia--(Newsfile Corp. - April 5, 2022) - Voleo Trading Systems Inc. (TSXV: TRAD) (\"the Company\" or \"Intrepid\") (to be renamed Intrepid Metals Corp.) is pleased to provide an update on its Change of Business transaction (the \"Transaction\"). The final material condition to closing the Transaction is the completion of its previously announced Offering (defined below) (updated in January 18, 2022 news release). Based on commitments received, the Company expects to complete the Offering on or about April 15, 2022. Following the completion of the Offering, the Company will immediately apply for final approval from the TSX Venture Exchange (the \"Exchange) to resume trading to start under its new trading symbol INTR.V. Click here for more details about the Transaction.Crescat Capital LLC (\"Crescat\"), a strategic investor, has agreed to acquire $1 million of the Offering. Crescat will have an option to participate in future financings of the Company to maintain its interest as long as it holds greater than 2 percent of the issued and outstanding common shares. In addition, Crescat will provide expertise regarding the Company's exploration and development strategy and other geological and technical matters.\"There has been strong interest in the financing, and we are please to have Crescat participate and become a strategic shareholder for Intrepid,\" states Ken Brophy, Incoming CEO of the Company. \"Crescat recognizes the strength of the team and the potential within the Tombstone South Project to host very large carbonate replacement deposits.\"Tombstone South UpdateThe Company is also pleased to announce it has received a new five-year Mineral Exploration Permit and an updated Geological Field Operational Permit (the \"GFOP\") from the Arizona State Lands Department for the Tombstone South Project. This will allow the Company to complete a geophysical survey to assist in prioritizing the previously approved drill hole locations. Intrepid, together with Resource Geosciences Incorporated, has utilized Q1 2022 to complete a significant data compilation exercise and an independent technical review to assist with planning the 2022 drill program. Change of Business Transaction UpdateAs previously a...