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Inventus Mining Announces Update to Private Placement Financing
TORONTO, Jan. 10, 2020 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to announce that it has updated the
About this update from Inventus Mining Corp.
[{"type":"text","content":" TORONTO, Jan. 10, 2020 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to announce that it has updated the terms of the proposed non-brokered private placement as originally announced on January 2, 2020 and updated on January 8, 2020. The updated private placement will be for up to 12,400,000 units (“Units”) at a price of $0.105 per Unit for gross proceeds of up to $1,302,000 (the “Offering”). Each Unit will consist of one common share (“Common Share”) and one common share purchase warrant (“Warrant”). Each common share purchase Warrant will entitle the holder to acquire one Common Share for $0.17 for a period of two years after the closing of the Offering. All securities issued in conjunction with the Offering are subject to a hold period of four months and one day after closing. Proceeds of the Offering will be used to fund exploration on the Sudbury 2.0 Project, to advance bulk sampling at the Pardo Project, and for general corporate purposes. The Offering of the Units is subject to the receipt of all required corporate and regulatory approvals including the approval of the TSX Venture Exchange (“TSXV”). Canaccord Genuity Wealth Management (“Canaccord”) will act as placement agent for the Offering. Inventus has agreed to pay Canaccord a 6% cash commission, and 10% broker warrants on the Offering. Each broker warrant will be exercisable into a Unit at $0.105 per Unit for a period of one year. Related Party Transaction In connection with the Offering, certain insiders of the Company, including officers, holders of 10% or more of the issued and outstanding common shares of the Company and directors of 10% holders, have agreed to acquire an aggregate 4,666,481 Units, for gross proceeds of $490,000. The acquisition of 4,666,481 Units by insiders in connection with the Offering will be considered a \"related party transaction\" pursuant to Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") requiring the Company, in the absence of exemptions, to obtain a formal valuation for, and minority shareholder approval of, the “related party transaction”. The Company is relying on an exemption from the formal valuation requirements of MI 61-101 available because no securities of the Company are listed on specified...