Inventus Mining Completes First Tranche of Financing

About this update from Inventus Mining Corp.

[{"type":"text","content":" TORONTO, Nov. 02, 2018 (GLOBE NEWSWIRE) -- Not for Distribution to United States Wire Services or Dissemination in The United States Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to announce that it has closed a first tranche (the “First Tranche”) of the previously announced non-brokered private placement of units of the Company (“Units”) at $0.15 per Unit for the overall gross proceeds of up to $750,000 (the “Offering”). Each Unit consists of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant is exercisable into a Common Share at $0.25 for two years. Under the First Tranche, the Company sold 3,330,000 Units for gross proceeds of $499,500. The Company expects to close a subsequent tranche in the coming weeks. 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 (“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 fund the Pardo Project and general corporate purposes. In connection with the Offering, Pollitt & Co. Inc. and Canaccord Genuity Wealth Management will be paid a commission of $19,170 and will receive 127,800 finders’ warrants with each finders’ warrant exercisable into a Unit at $0.15 per Unit for a period of one year. Related Party Transaction and Early Warning Report As part of the First Tranche, Evanachan Limited, a company owned and controlled by Robert McEwen has acquired 1,200,000 Units for gross proceeds of $180,000. Immediately prior to the closing of the First Tranche, Mr. McEwen beneficially owned 21,835,833 Common Shares and 3,333,333 Common Share purchase warrants of the Company (or approximately 22.8% of the total issued and outstanding Common Shares on a partially diluted basis) and, accordingly, is an “insider” of the Company. The acquisition of 1,200,000 Units by Evanachan Limited 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\"). The Company is relying on an exemption from the formal valuation requirements...

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