Intrepid Metals Corp. (TSXV: INTR | OTCQB: IMTCF) has announced the closure of a C$3.23M non-brokered private placement. The initial closing included C$3M in proceeds from Leocor Gold Inc. (CSE: LECR). Prior to closing on 5 January 2024, the company completed a consolidation of its shares of one post-consolidation share for every two pre-consolidation shares.
The offering consisted of over 7.27M units, with each consisting of one post-consolidation share and one share purchase warrant at C$0.34 (post-consolidation) for proceeds of C$2.47M. Each warrant entitled the holder to acquire one additional share at C$0.40 until 5 January 2026.
The issuance of 2.22M pre-funded special warrants units at C$0.34 (post-consolidation) each for proceeds of C$0.75M. Each special warrant shall entitle the holder thereof to acquire one unit, for no additional consideration but subject to an exercise limitation such that Leocor may not have more than 19.9% share ownership for a period of five years from the closing date.
All securities issued in the offering are subject to a statutory hold period that expires on 6 May 2024.
As part of the transaction, Leocor had the right to nominate two directors to Intrepid’s board of directors, nominating Alex Klenman and Brian Shin.
Klenman brings over three decades of both public and private sector business development, finance, marketing, branding, media, and corporate communications experience as CEO of Leocor. Over the past decade, Klenman has held senior management, consulting roles, and board positions with multiple TSX Venture and CSE listed companies.
Shin specializes in providing financial reporting, corporate finance, auditing, corporate strategy, risk management, and other accounting and consulting services to both public and private companies in various industries. Shin boasts extensive experience spanning approximately 15 years, serving in roles ranging from consultant to auditor, controller, and CFO. His expertise encompasses diverse industries across multiple countries, including Canada, Hong Kong, and South Korea, working with both publicly traded and private corporations.
Intrepid is concurrently conducting an additional non-brokered private placement of up to 5.2M units, with each consisting of one post-consolidation share and one share purchase warrant (secondary warrant) at C$0.34 (post-consolidation) per secondary unit for proceeds of up to C$1.77M.
For further information, please visit: www.intrepidmetals.com
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