Intrepid Metals Corp. (TSXV: INTR | OTCQB: IMTCF) has announced a non-brokered private placement with Leocor Gold Inc. (CSE: LECR) consisting of over 8.82M units, with each consisting of one post-consolidation share and one share purchase warrant at C$0.34 each for aggregate gross proceeds of C$3M.
Each warrant shall entitle the holder thereof to acquire one additional share at C$0.40 for a period of 24 months from the closing date of the offering. Prior to closing, Intrepid shall complete a consolidation of its shares based on one post-consolidation share for every two pre-consolidation shares.
Intrepid intends to close the offering as soon as practicable following TSX Venture Exchange approval. As part of the transaction, Leocor will have the right to nominate two directors to Intrepid’s board of directors. The directors will be nominated concurrent with the closing of the offering.
Intrepid also intends to concurrently conduct an additional non-brokered private placement consisting of about 5.88M units (secondary units), with each second unit consisting of one post-consolidation share and one share purchase warrant (secondary warrant) at a price of C$0.34 for aggregate gross proceeds of up to C$2M.
Each secondary warrant shall entitle the holder thereof to acquire one additional share at a price of $0.40 for a period of 24 months from the closing date of the secondary offering. Intrepid intends to close the secondary offering in January 2024 to accommodate for the holiday season.
The net proceeds of the offering and secondary offering will be used for exploration expenditures on the company’s mineral properties and general working capital.
The closing of the first offering is not conditional on the closing of the secondary offering. Closing of the offering and secondary offering are both subject to approval of the TSX Venture Exchange.
For further information, please visit: www.intrepidmetals.com
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