Ms. Sunny Lowe reports
INV METALS ANNOUNCES PRIVATE PLACEMENT FINANCING
INV Metals Inc. has arranged a non-brokered private placement of common shares at a price of 65 cents per share for gross proceeds of approximately $3-million.
The proceeds from the private placement will be used for general working capital and corporate purposes. The private placement is expected to close on March 19, 2019, and is conditional upon the satisfaction of customary conditions, including approval of the Toronto Stock Exchange.
Iamgold Corp. has confirmed that it intends to participate in the private placement in order to maintain its 35.6-per-cent interest in the company.
Participation by insiders of the company in the private placement will be considered to be a related party transaction pursuant to Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company will be 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 Section 5.5(a) and Section 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 INV Metals Inc.
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's primary assets are its 100-per-cent interest in the Loma Larga gold exploration and development property in Ecuador and its 100-per-cent interests in exploration concessions in Ecuador, including the Las Penas, Tierras Coloradas, La Rebuscada and Carolina exploration projects.
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