Business
Inventus Mining Completes C$1.2 Million Private Placement Financing
TORONTO, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to report that it has closed the pr
About this update from Inventus Mining Corp.
[{"type":"text","content":" TORONTO, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to report that it has closed the previously announced non-brokered private placement of 24,000,000 units (“Units”), which were sold at $0.05 per Unit for gross proceeds of $1,200,000 (the “Offering”). Each Unit consists of one common share (“Common Share”) and one half of a common share purchase warrant. Each whole common share purchase warrant (“Warrant”) entitles the holder to acquire one Common Share for $0.10 for a period of two years after the closing of the Offering. The expiry date of the Warrants may be accelerated by Inventus, starting 6 months after the closing of the Offering, if the closing price of the Common Shares on the TSX Venture Exchange (“TSX-V”) is greater than or equal to $0.20 over a consecutive 30-day period, by issuing a press release announcing the reduced Warrant term whereupon the Warrants will expire on the 10th trading day after the date of such press release The Offering of the Units is subject to the receipt of all required corporate and regulatory approvals including the approval of the TSX-V. All securities issued and issuable pursuant to the Offering will be subject to a four month and one day statutory hold period. Proceeds of the Offering will be used to advance the Pardo Project and Sudbury 2.0 Project, reduce accounts payable, and for general corporate purposes. In connection with the Offering, the Company paid a commission of $11,640 and issued 310,400 finders’ warrants with each finders’ warrant exercisable into a Unit for a period of one year. Related Party Transaction In connection with the Offering, certain insiders of the Company, including directors and holders of 10% or more of the issued and outstanding common shares of the Company, have agreed to acquire an aggregate 8,320,000 Units, for gross proceeds of $416,000. The acquisition of 8,320,000 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 Comp...