INV Metals Inc. (TSX:INV) is pleased to announce that it has completed its previously announced non-brokered private placement of common shares at a price of $0.45 per Share for gross proceeds of approximately $6.1 million.
The Company issued 4,848,287 Shares to IAMGOLD Corporation to maintain its 35.5% interest and 8,805,962 Shares to Dundee Precious Metals Inc. which increased its position from a 19.4% to a 23.5% interest.
The proceeds from the Private Placement will be used for the advancement of the Loma Larga Project and for general corporate purposes.
The Private Placement is considered to be a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions since both IAMGOLD Corporation and Dundee Precious Metals Inc. hold more than 10% of the Company’s Shares. The Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Insiders’ participation in the Private Placement in reliance of Sections 5.5(a) and 5.7(1)(a) of MI 61-101. A material change report will be filed in connection with the participation of Insiders in the Private Placement less than 21 days in advance of the closing of the Private Placement, which the Company deems reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and to complete the Private Placement in an expeditious manner.
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 property in Ecuador; and (2) its 100% interests in exploration concessions in Ecuador, including Tierras Coloradas, La Rebuscada and Carolina. The Company’s significant shareholders are IAMGOLD Corporation which holds a 35.5% equity interest, and Dundee Precious Metals Corp. which holds a 23.5% equity interest.
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