IMMC Closes First Tranche of Private Placement
October 12 2012 - 9:01AM
Marketwired Canada
Further to International Millennium Mining Corp.'s (TSX VENTURE:IMI) (the
"Company") announcement of September 14, 2012, the Company has closed the first
tranche of its private placement which has raised gross proceeds of $822,700.
Under the terms of the offering, the Company has issued 10,283,750 units at
$0.08 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 $0.10 per share if exercised on or before April 11, 2014.
Shares issued under the placement or upon exercise of the warrants are subject
to a four month hold period ending February 12, 2013. The placement documents
have been accepted for filing by the TSX Venture Exchange.
The Company has paid finders' fees to certain finders for an aggregate amount of
$36,120 in cash and 217,500 finders' warrants in connection with this first
tranche of the private placement. Each broker warrant entitles the holder to
acquire one broker unit at $0.08 if exercised on or before April 11, 2014; each
broker unit is comprised of one common share and one ordinary share purchase
warrant entitling the holder to acquire one additional share for $0.10 if
exercised on or before April 11, 2014.
The Company will use the proceeds of the private placement for exploration work,
including a drilling program, on its Nivloc Silver and Gold Project, located in
southwestern Nevada, and for working capital.
International Millennium Mining Corp. is a mineral exploration and development
company engaged in acquiring known smaller mine deposits, such as its Nivloc,
Nevada silver-gold mine project, in the Americas, with the goal of advancing the
properties to the mining stage. Emerging targets include silver, gold, copper,
zinc and lead. The Company's common shares trade on the TSX Venture Exchange
under the symbol: IMI and on the Frankfurt Exchange under the symbol: L9J.
ON BEHALF OF THE BOARD
John A. Versfelt, President & CEO
Further information about the Company can be found on the IMMC website
(www.immc.ca) or on SEDAR (www.sedar.com).
This news release may contain forward-looking statements including but not
limited to comments regarding the timing and content of upcoming work programs,
geological interpretations, potential mineral recovery processes and other
business transactions timing. Forward-looking statements address future events
and conditions and therefore, involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such
statements.
International Millennium... (TSXV:IMI)
Historical Stock Chart
From Nov 2024 to Dec 2024
International Millennium... (TSXV:IMI)
Historical Stock Chart
From Dec 2023 to Dec 2024