Mining
Tuesday, January 16th, 2024 4:50 pm EDT
Key Points
- Increased Private Placement Offering by Intrepid Metals Corp.: Intrepid Metals Corp. has announced an increase in the size of its non-brokered private placement offering to up to $6.6 million in gross proceeds due to significant demand. The company closed the first tranche of the offering on January 5, 2024, securing $3.23 million in proceeds. The second tranche, aiming for an additional up to $3.37 million in gross proceeds, consists of up to 9,911,765 units, each comprising one post-consolidation common share and one common share purchase warrant. The exercise price of the warrants has been adjusted to $0.45 (post-consolidation) in compliance with TSX Venture Exchange rules.
- Terms of the Offering and Intended Use of Proceeds: The second tranche’s units are priced at $0.34 (post-consolidation) per unit, with each warrant allowing the holder to acquire an additional common share at $0.45 (post-consolidation) within two years from the closing date. The net proceeds from the offering will be utilized for exploration and development expenditures on the company’s mineral properties, as well as for investor relations activities and general working capital. The increase in the offering’s size is contingent upon TSX Venture Exchange approval, and if granted, the company plans to conclude the second tranche in January 2024.
- About Intrepid Metals Corp.: Intrepid Metals Corp. is a Canadian company focusing on the exploration of high-grade essential metals, including copper, silver, lead, and zinc mineral projects. Their projects are strategically located in southeastern Arizona, USA, within established mining jurisdictions. The company holds several drill-ready projects, such as the Corral Copper Project and the Tombstone South Project, both in Cochise County, Arizona, and the Mesa Well Project in the Laramide Copper Porphyry Belt. Intrepid Metals Corp. aims to use its experienced team for exploration, development, and permitting new projects within North America. The company is traded on the TSX Venture Exchange (TSXV) under “INTR” and on the OTCQB Venture Market under “IMTCF.”
Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) (“Intrepid” or the “Company”) announces that due to significant demand, it is increasing the size of its previously announced non-brokered private placement offering (“Offering“) to up to $6.6 million in gross proceeds. On January 5, 2024, the Company closed a first tranche of the Offering for $3.23 million in proceeds (the “First Tranche“). The Company intends to close a second tranche for an additional up to $3.37 million in gross proceeds.
The second tranche of the Offering will consist of up to 9,911,765 units (the “Units“), with each Unit consisting of one post-Consolidation common share and one common share purchase warrant (each a “Warrant“) at a price of $0.34 (post-Consolidation) per Unit. Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.45 (post-Consolidation) until two years from the closing date of the second tranche of the Offering. Due to the rules and policies of the TSX Venture Exchange (“TSXV“), the exercise price of the Warrants has been increased from $0.40 and the Warrants issued in the First Tranche will also have the exercise price increased to $0.45. The increase in the size of the Offering is subject to TSXV approval, and subject to the receipt of such approval, Intrepid intends to close the second tranche of the Offering in January 2024.
The net proceeds of the second tranche of the Offering will be used for exploration and development expenditures on the Company’s mineral properties, investor relations activities and general working capital.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
About Intrepid Metals Corp.
Intrepid Metals Corp. is a Canadian company focused on exploring for high-grade essential metals such as copper, silver, lead, and zinc mineral projects in proximity to established mining jurisdictions in southeastern Arizona, USA. The Company has acquired or has agreements to acquire several drill ready projects, including the Corral Copper Project (a district scale advanced exploration and development opportunity with significant shallow historical drill results), the Tombstone South Project (within the historical Tombstone mining district with geological similarities to the Taylor Deposit, which was purchased for $1.3B in 2018) both of which are located in Cochise County, Arizona and the Mesa Well Project (located in the Laramide Copper Porphyry Belt in Arizona). Intrepid has assembled an exceptional team with considerable experience with exploration, developing, and permitting new projects within North America. Intrepid is traded on the TSX Venture Exchange (TSXV) under the symbol “INTR” and on the OTCQB Venture Market under the symbol “IMTCF”. For more information, visit www.intrepidmetals.com.
