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 $0.65 per Share for gross proceeds of approximately $3 million.
The Company issued an aggregate of 4,615,385 Shares under the Private Placement, including 1,642,355 Shares to IAMGOLD Corporation to maintain its 35.6% interest in the Company and 1,434,568 to directors and officers of the Company (Terrance MacGibbon, Chairman, Candace MacGibbon, CEO, and William Shaver, COO).
The proceeds from the Private Placement will be used for general working capital and corporate purposes.
The Private Placement constitutes a related party transaction pursuant to Multilateral Instrument 61-101 “Protection of Minority Security Holders in Special Transactions” given the participation of the Insiders. The Company is exempt from the requirement 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 due to the fair market value of the Insiders’ participation in the Private Placement being below 25% of the Company’s market capitalization for purposes of MI 61-101. The Company will file a material change report in respect of the Private Placement. However, it will be filed less than 21 days in advance of the closing of the Private Placement, which is consistent with market practice and the Company deems reasonable in the circumstances given that no conditions to closing remain unsatisfied that would have required the closing to have been delayed until after April 5, 2019.
About INV Metals
INV Metals is an international mineral resource company focused on the acquisition, exploration and development of precious and base metal projects in Ecuador. Currently, INV 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 Petas, Tierras Coloradas, La Rebuscada and Carolina exploration projects.
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