VANCOUVER, BC / ACCESSWIRE / April 16, 2020 / IMC International Mining Corp (CSE:IMCX);(OTC PINK:IMIMF);(FRA:3MX) (the "Company" or "IMC"), is pleased to announce the Company has entered into a draw-down equity financing of up to $8,000,000 CDN, with Alumina Partners, LLC, a New York-based private equity firm that has made substantial investments in a broad range of publicly traded companies.
The purpose of the agreement is to allow IMC to continue its growth strategy through exploration and acquisition with complete financial flexibility and freedom. The financing is at the sole discretion of IMC, allowing for the ability to access funds when necessary. This strategy allows IMC to protect shareholder value while growing to meet demands of exploration expenditures.
"We are very enthusiastic to be entering into such a major agreement, allowing us to better plan for future exploration programs. This agreement will allow IMC major financial flexibility in its operations," said CEO, Brian Thurston. "Such major investments are not common in the early stages of exploration properties such as we have on the Thane Property and we are excited to receive such a significant commitment from Alumina Partners, LLC. This serves as meaningful validation of our business plan and growth strategy."
"We are pleased to support IMC as they prepare to accelerate their exploration pipeline," added Adi Nahmani, Alumina's Managing Member. "We are very confident in management's extensive experience and impressive collective track record, and look forward to getting more upside exposure to this early metals super cycle."
The agreement details the purchase of up to $8,000,000 of units of the Company (the "Units"), consisting of one common share (the "Share") and one common share purchase warrant (the "Warrants"), at discounts ranging from 15% to 25% of the market price of the Shares, with each Private Placement Offering occurring exclusively at the option of the Company, throughout the 24-month term of the agreement. The exercise price of the Warrants will be at a 50% premium over the market price of the Shares. There are no upfront fees or interest associated with the use of this financing.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer and President
ABOUT INTERNATIONAL MINING CORP.
IMC International Mining Corporation is a junior exploration and development company. It is focused on creating shareholder value through the advancements of its assets which include the Cathedral Property in Northern British Columbia and the Bullard Pass Property in Arizona. The Company continues to look for further assets in North & South America as it increases its asset portfolio. International Mining will utilize its heavily experienced management team to evaluate assets that provide shareholder value.
IMC continues to evaluate additional properties to add to its portfolio of mining assets.
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.