Intrepid Metals Corp. (TSXV: INTR | OTCQB: IMTCF) has announced that due to significant demand, it is increasing the size of its previously announced non-brokered private placement offering to up to C$6.6M in gross proceeds. On 5 January 2024, the company closed a first tranche for C$3.23M in proceeds. Intrepid intends to close a second tranche for an additional up to C$3.37M in proceeds.
The second tranche will consist of up to 9.9M units, with each consisting of one post-consolidation share and one share purchase warrant at C$0.34 each (post-consolidation). Each warrant entitles the holder thereof to acquire one additional share at C$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 C$0.40 and the warrants issued in the first tranche will also have the exercise price increased to C$0.45. The increase in the size of the offering is subject to TSXV approval with Intrepid intending to close the second tranche in January 2024.
The net proceeds of the second tranche will be used for exploration and development expenditures on the company’s mineral properties, investor relations activities, and general working capital.
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 C$1.3B in 2018) both of which are located in Cochise County, Arizona along with the Mesa Well Project (located in the Laramide Copper Porphyry Belt in Arizona).
For further information, please visit: www.intrepidmetals.com
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