NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION TO UNITED STATES
INV Metals Inc. ("INV Metals" or the "Company") (TSX:INV) is pleased to announce that it has entered into an agreement with a syndicate of underwriters co-led by GMP Securities L.P. and Clarus Securities Inc. (collectively, the "Underwriters") to increase the size of its previously announced public offering to 24,000,000 common shares (the "Shares") of the Company at a purchase price of C$1.00 per Share (the "Offering Price") for gross aggregate proceeds of $24,000,000 (the "Offering"). IAMGOLD Corporation currently owns 35.6% of the outstanding Shares and will exercise its pre-emptive right to maintain its pro rata ownership.
In addition, the Company has granted the Underwriters an option (the "Option") to purchase up to an additional 3,600,000 Shares (representing 15% of the base Offering) at the Offering Price exercisable in whole or in part at any time prior to the date that is 30 days following the closing of the Offering. If the Option is exercised in full, an additional $3,600,000 in gross proceeds under the Offering will be raised.
The Company intends to use the net proceeds of the Offering to advance the development of the Loma Larga project, including the initiation of a feasibility study, exploration at the Company's Loma Larga project and other exploration properties within Ecuador, and for general corporate purposes.
These securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The common shares will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.