Inventus Completes Private Placement Financing with Participation by McEwen Mining

Inventus Completes Private Placement Financing with Participation by McEwen Mining

Benzinga
November 6, 2024

Not for Distribution to United States Wire Services or Dissemination in The United States

TORONTO, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSXV:IVS) ("Inventus" or the "Company") is pleased to report that it has closed the previously announced non-brokered private placement of 15,000,000 units of the Company (each, a "Unit") at a price of $0.04 per Unit, for total gross proceeds of $600,000 (the "Offering"). Each Unit consisted of one common share of the Company (a "Common Share") and one common share purchase warrant. Each warrant (a "Warrant") entitles the holder to purchase one Common Share of the Company (a "Warrant Share") at a price of $0.09 per Warrant Share until the date which is twenty-four (24) months following the closing of the Offering.

The expiry date of the Warrants may be accelerated by Inventus if the closing price of the Common Shares on the TSX Venture Exchange (the "TSXV") is greater than or equal to $0.12 over a consecutive 20-day period. If this occurs, the Company may accelerate the expiry date of the Warrants by issuing a press release announcing the reduced Warrant term whereupon the Warrants will expire on the 10th trading day after the date of such press release.

The Offering of the Units is subject to the receipt of all required corporate and regulatory approvals including the approval of the TSXV. All securities issued and issuable pursuant to the Offering will be subject to a four month and one day statutory hold period. Proceeds of the Offering will be used to advance the Pardo Project and for general corporate purposes.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Related Party Transaction

In connection with the Offering, McEwen Mining Inc. (NYSE/TSX:MUX) ("McEwen"), an affiliate of several insiders of the Company including Rob McEwen, Stefan Spears and Perry Ing, ...

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