Intrepid Metals Corp. (TSXV: INTR | OTCQB: IMTCF) has closed the second and final tranche of its previously announced non-brokered private placement offering for a total of C$6.6M in gross proceeds from both tranches.
On 5 January 2024, the company closed a first tranche of the offering for C$3.23M in proceeds. On 24 January 2024, the company closed the second tranche for an additional C$3.37M in gross proceeds.
“We were very pleased to receive such a strong show of support for this offering, where demand exceeded what we raised,” stated Ken Brophy, CEO of Intrepid. “With our initial drill programmes (now) fully funded, we’re looking forward to updating our investors with our progress over the coming months.”
The second tranche of the Offering consisted of nearly 10M units, with each consisting of one post-consolidation share and one share purchase warrant at C$0.34 (post-consolidation) each. Each warrant entitles the holder thereof to acquire one additional share at a price of C$0.45 (post-consolidation) until two years from the closing date of the second tranche of the offering.
The warrants are subject to an acceleration right that allows the company to give notice of an earlier expiry date if the company’s closing share price on the TSX Venture Exchange is equal to or greater than C$0.68 for a period of 10 consecutive trading days.
In connection, the company paid finder’s fees of about C$109K in cash and around 321K in finder’s warrants. Each finder’s warrant is non-transferable but otherwise has the same terms as the other warrants. All securities issued in the second tranche of the offering are subject to a statutory hold period that expires on 25 May 2024.
The net proceeds 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.
For further information, please visit: www.intrepidmetals.com
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