VANCOUVER , BC / ACCESSWIRE / February 24, 2020 / International Mining Corp (CSE: IMCX) (OTC: IMIMF) (the "Company" or "IMC"), is pleased to announce it has completed a non-brokered private placement (the "Offering") of 3,110,000 units (each, a "Unit"), at a price of $0.25 CDN per Unit, for aggregate gross proceeds of $777,500 CDN. Each Unit consists of one common share in the capital of the Company (each, a "Common Share", and collectively, the "Common Shares"), and one common share purchase warrant (a "Warrant"). Each Warrant is exercisable to acquire one additional common share of the Company for two years at a price of $0.40 CDN per share.
All securities issued in connection with the private placement are subject to final approval of the Canadian Securities Exchange (the "CSE") and the statutory four-hold period expiring June 22, 2020.
The proceeds of the financing will be used principally for the exploration of the Company's Bullard Pass Property in Arizona, USA, the Thane Property in British Columbia, Canada, and for general working capital purposes.
The Company paid finders' fees of $21,750 CDN in cash and issued 87,000 finder warrants, with each finder warrant entitling the holder thereof to acquire a Common Share at a price of $0.40 CDN per Common Share until February 21, 2022.
In addition, the Company announces the appointment of David Charlton as the Company's new Chief Financial Officer. Mr. Charlton is a Chartered Professional Accountant (CPA) with over 7 years' experience working with junior mining, oil and gas, blockchain and cryptocurrency companies in the public sector. Prior to joining the Company, David worked for midsize audit firms where he serviced a variety of TSX Venture Exchange and CSE-listed companies in audit and assurance, business consultation, financial statement preparation and compliance.
The Company wishes to thank outgoing Chief Financial Officer, Eli Dusenbury, for his service over the past year.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities referred to herein will not be or have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States of America absent registration or an applicable exemption from registration requirements.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer and President
ABOUT INTERNATIONAL MINING CORP.
IMC International Mining Corp. is a junior exploration and development company. It is focused on creating shareholder value through the acquisition, exploration and development of gold assets, which include the Company's 100% owned Bullard Pass Property in Arizona.
IMC continues to evaluate additional properties to add to its portfolio of mining assets.
Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable securities laws, including statements regarding: the completion of the Private Placement, the Company's intention to acquire further mineral properties; the Company's business plans and prospects and the future of the Company's business, the acquisition, exploration and development of its assets; and the ability to create shareholder value. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Private Placement may not complete in the full amount contemplated, or at all, that the Company may not acquire any additional mineral properties, that the Company's plans and prospects will vary from those stated in this news release and that the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Accordingly, readers should not place undue reliance on forward-looking information. The statements in this news release are made as of the date of this release.
The CSE has not reviewed, approved or disapproved the content of this press release.
SOURCE: IMC International Mining Corp.