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INV Metals Announces Closing of $15.6 Million Private Placement and Appointment of New Director

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INV Metals Announces Closing of $15.6 Million Private Placement and Appointment of New Director

 

 

 

 

 

INV Metals Inc. (TSX:INV) is pleased to announce the completion of the previously announced non-brokered private placement of common shares for gross proceeds of C$15.6 million. The Company issued 38,889,880 common shares at a price of C$0.40 per share under the Private Placement. Dundee Precious Metals Inc. purchased 25,000,000 common shares becoming a strategic shareholder with an approximate 19.5% equity interest in INV Metals. IAMGOLD Corporation purchased 13,889,880 common shares to maintain its 35.6% interest in the Company.

 

The proceeds from the Private Placement will be used to commence permitting efforts for Loma Larga, an initial drill program at Tierras Coloradas (upon receipt of drill permits), and for general corporate purposes.

 

The Company is also pleased to announce the appointment of Mr. David Rae to the Board of Directors. Mr. Rae is an Executive Vice President and the Chief Operating Officer of DPM and holds a Bachelor of Science in Physical Metallurgy from Leeds University in Yorkshire, England. Mr. Rae is a seasoned international mining and smelting executive with extensive experience in Africa, Europe and Canada and has held increasingly senior operating and executive roles with international mining companies including Falconbridge and Xstrata. He joined DPM as Senior Vice President, Operations in November 2012 and was appointed Executive Vice President and Chief Operating Officer in May 2014.

 

About INVTM Metals

 

INVTM Metals is an international mineral resource company focused on the acquisition, exploration and development of precious and base metal projects in Ecuador. Currently, INVTM Metals’ primary assets are: (1) its 100% interest in the Loma Larga gold exploration and development property in Ecuador; and (2) its 100% interests in exploration concessions in Ecuador, including the Las Peñas, Tierras Coloradas, La Rebuscada and Carolina exploration projects.

 

Posted October 28, 2019

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