Mr. Doug Flegg reports
INV METALS ANNOUNCES CLOSING OF $15.6 MILLION PRIVATE PLACEMENT AND APPOINTMENT OF NEW DIRECTOR
INV Metals Inc. has completed its previously announced non-brokered private placement of common shares for gross proceeds of $15.6-million. The company issued 38,889,880 common shares at a price of 40 cents per share under the private placement. Dundee Precious Metals Inc. (DPM) purchased 25 million common shares, becoming a strategic shareholder with an approximate 19.5-per-cent equity interest in INV Metals. Iamgold Corp. purchased 13,889,880 common shares to maintain its 35.6-per-cent interest in the company.
The proceeds from the private placement will be used to commence permitting efforts for Loma Larga, an initial drill program at Tierras Coloradas (upon receipt of drill permits) and for general corporate purposes.
The company is also pleased to announce the appointment of David Rae to the board of directors. Mr. Rae is an executive vice-president and the chief operating officer of DPM and holds a bachelor of science in physical metallurgy from Leeds University in Yorkshire, England. Mr. Rae is a seasoned international mining and smelting executive with extensive experience in Africa, Europe and Canada and has held increasingly senior operating and executive roles with international mining companies, including Falconbridge and Xstrata. He joined DPM as senior vice-president of operations in November, 2012, and was appointed executive vice-president and chief operating officer in May, 2014.
About INV Metals Inc.
INV 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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