TORONTO, Sept. 06, 2017 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX-V:IVS) (“Inventus” or the “Company”) is pleased to announce that it has closed an over-subscribed non-brokered private placement financing for aggregate gross proceeds of $1,000,000 (the “Offering”), further to its announcement on August 16, 2017. The Offering consisted of the sale of 6,666,666 units (each, a “Unit”) at a price of $0.15 per Unit.
Inventus intends to use the net proceeds from the Offering for bulk sampling and exploration at its 100% owned Pardo Paleoplacer Gold Project near Sudbury, Ontario, and for general administration and corporate purposes.
Each Unit consists of one common share (“Common Share”) and one common share purchase warrant (“Warrant”). Each Warrant will entitle the holder to acquire one Common Share at a price of $0.25 for a period of two (2) years after the closing date of the Offering. All securities issued and issuable pursuant to the Offering will be subject to a four month and one day statutory hold period.
About Inventus Mining Corp.
Inventus is a mineral exploration company focused on the world-class mining district of Sudbury, Ontario. Our principal asset is a 100% interest in the Pardo Paleoplacer Gold Project located 65 km northeast of Sudbury. Pardo is the first important paleoplacer gold discovery found in North America. Inventus has 106,971,069 common shares outstanding (116,965,236 shares on a fully diluted basis).
Visit http://www.inventusmining.com for more information.
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Forward-Looking Statements
This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “if”, “yet”, “potential”, “undetermined”, “objective”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to the failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.