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International Millennium Mining Corp. Completes 100% Ownership of Silver Peak Property and Announces $1.22 Million Private Placement
VANCOUVER, BC / ACCESSWIRE / July 14, 2020 / International Millennium Mining Corp. (TSXV:IMI...
About this update from Millennium Silver Corp
[{"type":"text","content":"International Millennium Mining Corp. Completes 100% Ownership of Silver Peak Property and Announces $1.22 Million Private PlacementVANCOUVER, BC / ACCESSWIRE / July 14, 2020 / International Millennium Mining Corp. (TSXV:IMI) (the \"Company\" or \"IMMC\") is pleased to announce that it has made the final option payment on twenty-five (25) unpatented lode mineral claims optioned from Silver Saddle Resources LLC in 2017. As a result, IMMC now owns a 100% interest in the entire claim group representing the Silver Peak property, subject only to net smelter return (\"NSR\") royalty agreements on certain claims, as described in its 2019, National Instrument (\"NI\") 43-101 Technical Report. The Silver Peak property consists of approximately 4,000 contiguous acres, which hosts fourteen (14) well mineralized fault/vein structures, of which two structures have historically produced 9.8 million ounces of silver (Ag) and 52.9 thousand ounces of gold (Au).The Company also announces a private placement of up to $1,220,000 composed of up to 61,000,000 units at $0.02 per unit. Each unit is comprised of one (1) common share and one (1) non-transferable share purchase warrant entitling the holder to purchase an additional share at $0.05 per share for a period of thirty-six (36) months from the date of issuance (the \"Private Placement\").The Company will pay up to a 6% finder's fee and issue broker share purchase warrants, up to 8% of the Private Placement units, with respect to $602,500 of the Private Placement. Each broker warrant will entitle the holder to acquire one common share at $0.05 for a period of thirty-six (36) months from the closing of the placement. The Private Placement is subject to regulatory acceptance.The Private Placement proceeds will be used to payout debenture loans and debenture loan interest incurred by the Company in 2019 and 2020; to initiate a drilling program on the Silver Peak property, pursuant to the Company's 2019 NI 43-101 Technical Report; and for working capital.As it is anticipated that certain insiders will participate in the Private Placement as it is considered to be a \"related party transaction\" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company intends to rely on the exemptions from the valuation and the minority approva...